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Donate NowH.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act
To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes.
| Version | Word Count | Changes From Previous Version | Percent Change |
|---|---|---|---|
| Introduced in House | 223,783 | n/a | n/a |
| Engrossed in House | 301,214 | 2,502 | 43% |
| Referred in Senate | 299,585 | 8 | 0% |
| Engrossed Amendment Senate | 283,985 | 9,370 | 90% |
| Enrolled Bill | 383,013 | 4,478 Show Changes Hide Changes | 50% |
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HR 4173 EAS In the Senate of the United States, May 20, 2010.
) entitled ‘An Act to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes.’, do pass with the following AMENDMENTS: Strike all after the enacting clause and insert the following:
of theCommentsClose CommentsPermalink
United States of AmericaCommentsClose CommentsPermalink
AT THE SECOND SESSIONCommentsClose CommentsPermalink
Begun and held at the City of Washington on Tuesday,CommentsClose CommentsPermalink
the fifth day of January, two thousand and tenCommentsClose CommentsPermalink
An ActCommentsClose CommentsPermalink
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, CommentsClose CommentsPermalink
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.CommentsClose CommentsPermalink
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.CommentsClose CommentsPermalink
(a) Short Title- This Act may be cited as the ‘Restoring American Financial Stability Act of 2010Dodd-Frank Wall Street Reform and Consumer Protection Act’.CommentsClose CommentsPermalink
(b) Table of Contents- The table of contents for this Act is as follows:CommentsClose CommentsPermalink
Sec. 1. Short title; table of contents.CommentsClose CommentsPermalink
Sec. 2. Definitions.CommentsClose CommentsPermalink
Sec. 3. Severability.CommentsClose CommentsPermalink
Sec. 4. Effective date.CommentsClose CommentsPermalink
Sec. 5. Budgetary effects.CommentsClose CommentsPermalink
Sec. 6. Antitrust savings clause.CommentsClose CommentsPermalink
TITLE I--FINANCIAL STABILITY
Sec. 101. Short title.CommentsClose CommentsPermalink
Sec. 102. Definitions.CommentsClose CommentsPermalink
Subtitle A--Financial Stability Oversight Council
Sec. 111. Financial Stability Oversight Council established.CommentsClose CommentsPermalink
Sec. 112. Council authority.CommentsClose CommentsPermalink
Sec. 113. Authority to require supervision and regulation of certain nonbank financial companies.CommentsClose CommentsPermalink
Sec. 114. Registration of nonbank financial companies supervised by the Board of Governors.CommentsClose CommentsPermalink
Sec. 115. Enhanced supervision and prudential standards for nonbank financial companies supervised by the Board of Governors and certain bank holding companies.CommentsClose CommentsPermalink
Sec. 116. Reports.CommentsClose CommentsPermalink
Sec. 117. Treatment of certain companies that cease to be bank holding companies.CommentsClose CommentsPermalink
Sec. 118. Council funding.CommentsClose CommentsPermalink
Sec. 119. Resolution of supervisory jurisdictional disputes among member agencies.CommentsClose CommentsPermalink
Sec. 120. Additional standards applicable to activities or practices for financial stability purposes.CommentsClose CommentsPermalink
Sec. 121. Mitigation of risks to financial stability.CommentsClose CommentsPermalink
Sec. 122. GAO Audit of Council.CommentsClose CommentsPermalink
Sec. 123. Study of the effects of size and complexity of financial institutions on capital market efficiency and economic growth.CommentsClose CommentsPermalink
Subtitle B--Office of Financial Research
Sec. 151. Definitions.CommentsClose CommentsPermalink
Sec. 152. Office of Financial Research established.CommentsClose CommentsPermalink
Sec. 153. Purpose and duties of the Office.CommentsClose CommentsPermalink
Sec. 154. Organizational structure; responsibilities of primary programmatic units.CommentsClose CommentsPermalink
Sec. 155. Funding.CommentsClose CommentsPermalink
Sec. 156. Transition oversight.CommentsClose CommentsPermalink
Subtitle C--Additional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies
Sec. 161. Reports by and examinations of nonbank financial companies supervised by the Board of Governors.CommentsClose CommentsPermalink
Sec. 162. Enforcement.CommentsClose CommentsPermalink
Sec. 163. Acquisitions.CommentsClose CommentsPermalink
Sec. 164. Prohibition against management interlocks between certain financial companies.CommentsClose CommentsPermalink
Sec. 165. Enhanced supervision and prudential standards for nonbank financial companies supervised by the Board of Governors and certain bank holding companies.CommentsClose CommentsPermalink
Sec. 166. Early remediation requirements.CommentsClose CommentsPermalink
Sec. 167. Affiliations.CommentsClose CommentsPermalink
Sec. 168. Regulations.CommentsClose CommentsPermalink
Sec. 169. Avoiding duplication.CommentsClose CommentsPermalink
Sec. 170. Safe harbor.CommentsClose CommentsPermalink
Sec. 171. Leverage and risk-based capital requirements.CommentsClose CommentsPermalink
Sec. 172. Examination and enforcement actions for insurance and orderly liquidation purposes.CommentsClose CommentsPermalink
Sec. 173. Access to United States financial market by foreign institutions.CommentsClose CommentsPermalink
Sec. 174. Studies and reports on holding company capital requirements.CommentsClose CommentsPermalink
Sec. 175. International policy coordination.CommentsClose CommentsPermalink
Sec. 176. Rule of construction.CommentsClose CommentsPermalink
TITLE II--ORDERLY LIQUIDATION AUTHORITY
Sec. 201. Definitions.CommentsClose CommentsPermalink
Sec. 202. Judicial review.CommentsClose CommentsPermalink
Sec. 203. Systemic risk determination.CommentsClose CommentsPermalink
Sec. 204. Orderly liquidation of covered financial companies.CommentsClose CommentsPermalink
Sec. 205. Orderly liquidation of covered brokers and dealers.CommentsClose CommentsPermalink
Sec. 206. Mandatory terms and conditions for all orderly liquidation actions.CommentsClose CommentsPermalink
Sec. 207. Directors not liable for acquiescing in appointment of receiver.CommentsClose CommentsPermalink
Sec. 208. Dismissal and exclusion of other actions.CommentsClose CommentsPermalink
Sec. 209. Rulemaking; non-conflicting law.CommentsClose CommentsPermalink
Sec. 210. Powers and duties of the cCorporation.CommentsClose CommentsPermalink
Sec. 211. Miscellaneous provisions.CommentsClose CommentsPermalink
Sec. 212. Prohibition of circumvention and prevention of conflicts of interest.CommentsClose CommentsPermalink
Sec. 213. Ban on certain activities by senior executives and directors.CommentsClose CommentsPermalink
Sec. 214. Prohibition on taxpayer funding.CommentsClose CommentsPermalink
Sec. 215. Study on secured creditor haircuts.CommentsClose CommentsPermalink
Sec. 216. Study on bankruptcy process for financial and nonbank financial institutionsCommentsClose CommentsPermalink
Sec. 217. Study on international coordination relating to bankruptcy process for nonbank financial institutionsCommentsClose CommentsPermalink
TITLE III--TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS
Sec. 300. Short title.CommentsClose CommentsPermalink
Sec. 301. Purposes.CommentsClose CommentsPermalink
Sec. 302. Definition.CommentsClose CommentsPermalink
Subtitle A--Transfer of Powers and Duties
Sec. 311. Transfer date.CommentsClose CommentsPermalink
Sec. 312. Powers and duties transferred.CommentsClose CommentsPermalink
Sec. 313. Abolishment.CommentsClose CommentsPermalink
Sec. 314. Amendments to the revised sRevised Statutes.CommentsClose CommentsPermalink
Sec. 315. Federal information policy.CommentsClose CommentsPermalink
Sec. 316. Savings provisions.CommentsClose CommentsPermalink
Sec. 317. References in Federal law to Federal banking agencies.CommentsClose CommentsPermalink
Sec. 318. Funding.CommentsClose CommentsPermalink
Sec. 319. Contracting and leasing authority.CommentsClose CommentsPermalink
Subtitle B--Transitional Provisions
Sec. 321. Interim use of funds, personnel, and property of the Office of Thrift Supervision.CommentsClose CommentsPermalink
Sec. 322. Transfer of employees.CommentsClose CommentsPermalink
Sec. 323. Property transferred.CommentsClose CommentsPermalink
Sec. 324. Funds transferred.CommentsClose CommentsPermalink
Sec. 325. Disposition of affairs.CommentsClose CommentsPermalink
Sec. 326. Continuation of services.CommentsClose CommentsPermalink
Sec. 327. Implementation plan and reports.CommentsClose CommentsPermalink
Subtitle C--Federal Deposit Insurance Corporation
Sec. 331. Deposit insurance reforms.CommentsClose CommentsPermalink
Sec. 332. Elimination of procyclical assessments.CommentsClose CommentsPermalink
Sec. 333. Enhanced access to information for deposit insurance purposes.CommentsClose CommentsPermalink
Sec. 334. Transition reserve ratio requirements to reflect new assessment base.CommentsClose CommentsPermalink
Sec. 335. Permanent increase in deposit and share insurance.CommentsClose CommentsPermalink
Sec. 336. Management of the Federal Deposit Insurance Corporation.CommentsClose CommentsPermalink
Subtitle D--Termination of Federal Thrift CharterOther Matters
Sec. 341. Termination of Federal savings associations.Sec. 342. Branching.CommentsClose CommentsPermalink
Sec. 342. Office of Minority and Women Inclusion.CommentsClose CommentsPermalink
Sec. 343. Insurance of transaction accounts.CommentsClose CommentsPermalink
Subtitle E--Technical and Conforming Amendments
Sec. 351. Effective date.CommentsClose CommentsPermalink
Sec. 352. Balanced Budget and Emergency Deficit Control Act of 1985.CommentsClose CommentsPermalink
Sec. 353. Bank Enterprise Act of 1991.CommentsClose CommentsPermalink
Sec. 354. Bank Holding Company Act of 1956.CommentsClose CommentsPermalink
Sec. 355. Bank Holding Company Act Amendments of 1970.CommentsClose CommentsPermalink
Sec. 356. Bank Protection Act of 1968.CommentsClose CommentsPermalink
Sec. 357. Bank Service Company Act.CommentsClose CommentsPermalink
Sec. 358. Community Reinvestment Act of 1977.CommentsClose CommentsPermalink
Sec. 359. Crime Control Act of 1990.CommentsClose CommentsPermalink
Sec. 360. Depository Institution Management Interlocks Act.CommentsClose CommentsPermalink
Sec. 361. Emergency Homeowners’ Relief Act.CommentsClose CommentsPermalink
Sec. 362. Federal Credit Union Act.CommentsClose CommentsPermalink
Sec. 363. Federal Deposit Insurance Act.CommentsClose CommentsPermalink
Sec. 364. Federal Home Loan Bank Act.CommentsClose CommentsPermalink
Sec. 365. Federal Housing Enterprises Financial Safety and Soundness Act of 1992.CommentsClose CommentsPermalink
Sec. 366. Federal Reserve Act.CommentsClose CommentsPermalink
Sec. 367. Financial Institutions Reform, Recovery, and Enforcement Act of 1989.CommentsClose CommentsPermalink
Sec. 368. Flood Disaster Protection Act of 1973.CommentsClose CommentsPermalink
Sec. 369. Home Owners’ Loan Act.CommentsClose CommentsPermalink
Sec. 370. Housing Act of 1948.CommentsClose CommentsPermalink
Sec. 371. Housing and Community Development Act of 1992.CommentsClose CommentsPermalink
Sec. 372. Housing and Urban-Rural Recovery Act of 1983.CommentsClose CommentsPermalink
Sec. 373. National Housing Act.CommentsClose CommentsPermalink
Sec. 374. Neighborhood Reinvestment Corporation Act.CommentsClose CommentsPermalink
Sec. 375.
Sec. 376. Securities Exchange Act of 1934.CommentsClose CommentsPermalink
Sec. 377. Title 18, United States Code.CommentsClose CommentsPermalink
Sec. 378. Title 31, United States Code.CommentsClose CommentsPermalink
TITLE IV--REGULATION OF ADVISERS TO HEDGE FUNDS AND OTHERS
Sec. 401. Short title.CommentsClose CommentsPermalink
Sec. 402. Definitions.CommentsClose CommentsPermalink
Sec. 403. Elimination of private adviser exemption; limited exemption for foreign private advisers; limited intrastate exemption.CommentsClose CommentsPermalink
Sec. 404. Collection of systemic risk data; reports; examinations; disclosures.CommentsClose CommentsPermalink
Sec. 405. Disclosure provision eliminatedamendment.CommentsClose CommentsPermalink
Sec. 406. Clarification of rulemaking authority.CommentsClose CommentsPermalink
Sec. 407. Exemption of venture capital fund advisers.CommentsClose CommentsPermalink
Sec. 408. Exemption of and record keeping by private equity fund advisers.CommentsClose CommentsPermalink
Sec. 409. Family offices.CommentsClose CommentsPermalink
Sec. 410. State and Federal responsibilities; asset threshold for Federal registration of investment advisers.CommentsClose CommentsPermalink
Sec. 411. Custody of client assets.CommentsClose CommentsPermalink
Sec. 412. Adjusting the accredited investor standard.CommentsClose CommentsPermalink
Sec. 413. GAO study and report on accredited investors.CommentsClose CommentsPermalink
Sec. 414. GAO study on self-regulatory organization for private funds.CommentsClose CommentsPermalink
Sec. 415. Commission study and report on short selling.CommentsClose CommentsPermalink
Sec. 416. Transition period.CommentsClose CommentsPermalink
TITLE V--INSURANCE
Subtitle A--Office of National Insurance
Sec. 501. Short title.CommentsClose CommentsPermalink
Sec. 502. Establishment of Office of National InsuranFederal Insurance Office.CommentsClose CommentsPermalink
Subtitle B--State-bBased Insurance Reform
Sec. 511. Short title.CommentsClose CommentsPermalink
Sec. 512. Effective date.CommentsClose CommentsPermalink
PART I--Nonadmitted Insurance
Sec. 521. Reporting, payment, and allocation of premium taxes.CommentsClose CommentsPermalink
Sec. 522. Regulation of nonadmitted insurance by insured’s home State.CommentsClose CommentsPermalink
Sec. 523. Participation in national producer database.CommentsClose CommentsPermalink
Sec. 524. Uniform standards for surplus lines eligibility.CommentsClose CommentsPermalink
Sec. 525. Streamlined application for commercial purchasers.CommentsClose CommentsPermalink
Sec. 526. GAO study of nonadmitted insurance market.CommentsClose CommentsPermalink
Sec. 527. Definitions.CommentsClose CommentsPermalink
PART II--Reinsurance
Sec. 531. Regulation of credit for reinsurance and reinsurance agreements.CommentsClose CommentsPermalink
Sec. 532. Regulation of reinsurer solvency.CommentsClose CommentsPermalink
Sec. 533. Definitions.CommentsClose CommentsPermalink
PART III--Rule of Construction
Sec. 541. Rule of construction.CommentsClose CommentsPermalink
Sec. 542. Severability.CommentsClose CommentsPermalink
TITLE VI--IMPROVEMENTS TO REGULATION OF BANK AND SAVINGS ASSOCIATION HOLDING COMPANIES AND DEPOSITORY INSTITUTIONS
Sec. 601. Short title.CommentsClose CommentsPermalink
Sec. 602. Definition.CommentsClose CommentsPermalink
Sec. 603. Moratorium and study on treatment of credit card banks, industrial loan companies, and certain other companies under the Bank Holding Company Act of 1956.CommentsClose CommentsPermalink
Sec. 604. Reports and examinations of holding companies; regulation of functionally regulated subsidiaries.CommentsClose CommentsPermalink
Sec. 605. Assuring consistent oversight of permissible activities of depository institution subsidiaries of holding companies.CommentsClose CommentsPermalink
Sec. 606. Requirements for financial holding companies to remain well capitalized and well managed.CommentsClose CommentsPermalink
Sec. 607. Standards for interstate acquisitions.CommentsClose CommentsPermalink
Sec. 608. Enhancing existing restrictions on bank transactions with affiliates.CommentsClose CommentsPermalink
Sec. 609. Eliminating exceptions for transactions with financial subsidiaries.CommentsClose CommentsPermalink
Sec. 610. Lending limits applicable to credit exposure on derivative transactions, repurchase agreements, reverse repurchase agreements, and securities lending and borrowing transactions.CommentsClose CommentsPermalink
Sec. 611. Application of national bank lending limits to insured State bankConsistent treatment of derivative transactions in lending limits.CommentsClose CommentsPermalink
Sec. 612. Restriction on conversions of troubled banks.CommentsClose CommentsPermalink
Sec. 613. De novo branching into States.CommentsClose CommentsPermalink
Sec. 614. Lending limits to insiders.CommentsClose CommentsPermalink
Sec. 615. Limitations on purchases of assets from insiders.CommentsClose CommentsPermalink
Sec. 616. Regulations regarding capital levels of holding companies.CommentsClose CommentsPermalink
Sec. 617. Elimination of elective investment bank holding company framework.CommentsClose CommentsPermalink
Sec. 618. Securities holding companies.CommentsClose CommentsPermalink
Sec. 619. Restrictions on capital market activity by banks and bank holding companies.Sec. 620Prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds.CommentsClose CommentsPermalink
Sec. 620. Study of bank investment activities.CommentsClose CommentsPermalink
Sec. 621. Conflicts of interest.CommentsClose CommentsPermalink
Sec. 622. Concentration limits on large financial firms.CommentsClose CommentsPermalink
Sec. 623. Interstate merger transactions.CommentsClose CommentsPermalink
Sec. 624. Qualified thrift lenders.CommentsClose CommentsPermalink
Sec. 625. Treatment of dividends by certain mutual holding companies.CommentsClose CommentsPermalink
Sec. 626. Intermediate holding companies.CommentsClose CommentsPermalink
Sec. 627. Interest-bearing transaction accounts authorized.CommentsClose CommentsPermalink
Sec. 628. Credit card bank small business lending.CommentsClose CommentsPermalink
TITLE VII--WALL STREET TRANSPARENCY AND ACCOUNTABILITY
Sec. 701. Short title.CommentsClose CommentsPermalink
Subtitle A--Regulation of Over-the-Counter Swaps Markets
PART I--Regulatory Authority
Sec. 711. Definitions.CommentsClose CommentsPermalink
Sec. 712. Review of regulatory authority.CommentsClose CommentsPermalink
Sec. 713. Recommendations for changes to portfolio margining lawPortfolio margining conforming changes.CommentsClose CommentsPermalink
Sec. 714. Abusive swaps.CommentsClose CommentsPermalink
Sec. 715. Authority to prohibit participation in swap activities.CommentsClose CommentsPermalink
Sec. 716. Prohibition against Federal Government bailouts of swaps entities.CommentsClose CommentsPermalink
Sec. 717. New product approval--CFTC CFTC--SEC process.CommentsClose CommentsPermalink
Sec. 718. Determining status of novel derivative products.CommentsClose CommentsPermalink
Sec. 719. Studies.CommentsClose CommentsPermalink
Sec. 720. Memorandum.CommentsClose CommentsPermalink
PART II--Regulation of Swap Markets
Sec. 721. Definitions.CommentsClose CommentsPermalink
Sec. 722. Jurisdiction.CommentsClose CommentsPermalink
Sec. 723. Clearing.CommentsClose CommentsPermalink
Sec. 724. Swaps; segregation and bankruptcy treatment.CommentsClose CommentsPermalink
Sec. 725. Derivatives clearing organizations.CommentsClose CommentsPermalink
Sec. 726. Rulemaking on conflict of interest.CommentsClose CommentsPermalink
Sec. 727. Public reporting of swap transaction data.CommentsClose CommentsPermalink
Sec. 728. Swap data repositories.CommentsClose CommentsPermalink
Sec. 729. Reporting and recordkeeping.CommentsClose CommentsPermalink
Sec. 730. Large swap trader reporting.CommentsClose CommentsPermalink
Sec. 731. Registration and regulation of swap dealers and major swap participants.CommentsClose CommentsPermalink
Sec. 732. Conflicts of interest.CommentsClose CommentsPermalink
Sec. 733. Swap execution facilities.CommentsClose CommentsPermalink
Sec. 734. Derivatives transaction execution facilities and exempt boards of trade.CommentsClose CommentsPermalink
Sec. 735. Designated contract markets.CommentsClose CommentsPermalink
Sec. 736. Margin.CommentsClose CommentsPermalink
Sec. 737. Position limits.CommentsClose CommentsPermalink
Sec. 738. Foreign boards of trade.CommentsClose CommentsPermalink
Sec. 739. Legal certainty for swaps.CommentsClose CommentsPermalink
Sec. 740. Multilateral clearing organizations.CommentsClose CommentsPermalink
Sec. 741. Enforcement.CommentsClose CommentsPermalink
Sec. 742. Retail commodity transactions.CommentsClose CommentsPermalink
Sec. 743. Other authority.CommentsClose CommentsPermalink
Sec. 744. Restitution remedies.CommentsClose CommentsPermalink
Sec. 745. Enhanced compliance by registered entities.CommentsClose CommentsPermalink
Sec. 746. Insider trading.CommentsClose CommentsPermalink
Sec. 747. Antidisruptive practices authority.CommentsClose CommentsPermalink
Sec. 748. Commodity whistleblower incentives and protection.CommentsClose CommentsPermalink
Sec. 749. Conforming amendments.CommentsClose CommentsPermalink
Sec. 750. Study on oversight of carbon markets.CommentsClose CommentsPermalink
Sec. 751. Energy and Environmental Markets Advisory Cenvironmental markets advisory committee.CommentsClose CommentsPermalink
Sec. 752. International harmonization.CommentsClose CommentsPermalink
Sec. 753. Antimarket -manipulation authority.CommentsClose CommentsPermalink
Sec. 754. Effective date.CommentsClose CommentsPermalink
Subtitle B--Regulation of Security-Based Swap Markets
Sec. 761. Definitions under the Securities Exchange Act of 1934.CommentsClose CommentsPermalink
Sec. 762. Repeal of prohibition on regulation of security-based swap agreements.CommentsClose CommentsPermalink
Sec. 763. Amendments to the Securities Exchange Act of 1934.CommentsClose CommentsPermalink
Sec. 764. Registration and regulation of security-based swap dealers and major security-based swap participants.CommentsClose CommentsPermalink
Sec. 765. Rulemaking on conflict of interest.CommentsClose CommentsPermalink
Sec. 766. Reporting and recordkeeping.CommentsClose CommentsPermalink
Sec. 767. State gaming and bucket shop laws.CommentsClose CommentsPermalink
Sec. 768. Amendments to the Securities Act of 1933; treatment of security-based swaps.CommentsClose CommentsPermalink
Sec. 769. Definitions under the Investment Company Act of 1940.CommentsClose CommentsPermalink
Sec. 770. Definitions under the Investment Advisoers Act of 1940.CommentsClose CommentsPermalink
Sec. 771. Other authority.CommentsClose CommentsPermalink
Sec. 772. Jurisdiction.CommentsClose CommentsPermalink
Sec. 773. Civil penalties.CommentsClose CommentsPermalink
Sec. 774. Effective date.CommentsClose CommentsPermalink
TITLE VIII--PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION
Sec. 801. Short title.CommentsClose CommentsPermalink
Sec. 802. Findings and purposes.CommentsClose CommentsPermalink
Sec. 803. Definitions.CommentsClose CommentsPermalink
Sec. 804. Designation of systemic importance.CommentsClose CommentsPermalink
Sec. 805. Standards for systemically important financial market utilities and payment, clearing, or settlement activities.CommentsClose CommentsPermalink
Sec. 806. Operations of designated financial market utilities.CommentsClose CommentsPermalink
Sec. 807. Examination of and enforcement actions against designated financial market utilities.CommentsClose CommentsPermalink
Sec. 808. Examination of and enforcement actions against financial institutions subject to standards for designated activities.CommentsClose CommentsPermalink
Sec. 809. Requests for information, reports, or records.CommentsClose CommentsPermalink
Sec. 810. Rulemaking.CommentsClose CommentsPermalink
Sec. 811. Other authority.CommentsClose CommentsPermalink
Sec. 812. Consultation.CommentsClose CommentsPermalink
Sec. 813. Common framework for designated clearing entity risk management.CommentsClose CommentsPermalink
Sec. 814. Effective date.CommentsClose CommentsPermalink
TITLE IX--INVESTOR PROTECTIONS AND IMPROVEMENTS TO THE REGULATION OF SECURITIES
Sec. 901. Short title.CommentsClose CommentsPermalink
Subtitle A--Increasing Investor Protection
Sec. 911. Investor Advisory Committee established.CommentsClose CommentsPermalink
Sec. 912. Clarification of authority of the Commission to engage in investor testing.CommentsClose CommentsPermalink
Sec. 913. Study and rulemaking regarding obligations of brokers, dealers, and investment advisers.CommentsClose CommentsPermalink
Sec. 914. Study on enhancing investment adviser examinations.CommentsClose CommentsPermalink
Sec. 915. Office of the Investor Advocate.CommentsClose CommentsPermalink
Sec. 9156. Streamlining of filing procedures for self-regulatory organizations.CommentsClose CommentsPermalink
Sec. 9167. Study regarding financial literacy among investors.CommentsClose CommentsPermalink
Sec. 9178. Study regarding mutual fund advertising.CommentsClose CommentsPermalink
Sec. 9189. Clarification of Commission authority to require investor disclosures before purchase of investment products and services.CommentsClose CommentsPermalink
Sec. 919. Study on conflicts of interest.Sec. 919AA. Study on conflicts of interest.CommentsClose CommentsPermalink
Sec. 919B. Study on improved investor access to information on investment advisers and broker-dealers.CommentsClose CommentsPermalink
Sec. 919BC. Study on financial planners and the use of financial designations.CommentsClose CommentsPermalink
Sec. 919D. Ombudsman.CommentsClose CommentsPermalink
Subtitle B--Increasing Regulatory Enforcement and Remedies
Sec. 921. Authority to issue rules related torestrict mandatory pre-dispute arbitration.CommentsClose CommentsPermalink
Sec. 922. Whistleblower protection.CommentsClose CommentsPermalink
Sec. 923. Conforming amendments for whistleblower protection.CommentsClose CommentsPermalink
Sec. 924. Implementation and transition provisions for whistleblower protection.CommentsClose CommentsPermalink
Sec. 925. Collateral bars.CommentsClose CommentsPermalink
Sec. 926. Disqualifying felons and other ‘bad actors’ from Regulation D Oofferings.CommentsClose CommentsPermalink
Sec. 927. Equal treatment of self-regulatory organization rules.CommentsClose CommentsPermalink
Sec. 928. Clarification that Ssection 205 of the Investment Advisers Act of 1940 does not apply to State-registered advisers.CommentsClose CommentsPermalink
Sec. 929. Unlawful margin lending.CommentsClose CommentsPermalink
Sec. 929A. Protection for employees of subsidiaries and affiliates of publicly traded companies.CommentsClose CommentsPermalink
Sec. 929B. FAIRair Fund amendments.CommentsClose CommentsPermalink
Sec. 929C. Increasing the borrowing limit on Treasury loans.CommentsClose CommentsPermalink
Sec. 929D. Lost and stolen securities.CommentsClose CommentsPermalink
Sec. 929E. Nationwide service of subpoenas.CommentsClose CommentsPermalink
Sec. 929F. Formerly associated persons.CommentsClose CommentsPermalink
Sec. 929G. Streamlined hiring authority for market specialists.CommentsClose CommentsPermalink
Sec. 929H. SIPC Reforms.CommentsClose CommentsPermalink
Sec. 929I. Protecting confidentiality of materials submitted to the Commission.CommentsClose CommentsPermalink
Sec. 929J. Expansion of audit information to be produced and exchanged.CommentsClose CommentsPermalink
Sec. 929K. Sharing privileged information with other authorities.CommentsClose CommentsPermalink
Sec. 929L. Enhanced application of antifraud provisions.CommentsClose CommentsPermalink
Sec. 929M. Aiding and abetting authority under the Securities Act and the Investment Company Act.CommentsClose CommentsPermalink
Sec. 929N. Authority to impose penalties for aiding and abetting violations of the Investment Advisers Act.CommentsClose CommentsPermalink
Sec. 929O. Aiding and abetting standard of knowledge satisfied by recklessness.CommentsClose CommentsPermalink
Sec. 929P. Strengthening enforcement by the Commission.CommentsClose CommentsPermalink
Sec. 929Q. Revision to recordkeeping rule.CommentsClose CommentsPermalink
Sec. 929R. Beneficial ownership and short-swing profit reporting.CommentsClose CommentsPermalink
Sec. 929S. Fingerprinting.CommentsClose CommentsPermalink
Sec. 929T. Equal treatment of self-regulatory organization rules.CommentsClose CommentsPermalink
Sec. 929U. Deadline for completing examinations, inspections and enforcement actions.CommentsClose CommentsPermalink
Sec. 929V. Security Investor Protection Act amendments.CommentsClose CommentsPermalink
Sec. 929W. Notice to missing security holders.CommentsClose CommentsPermalink
Sec. 929X. Short sale reforms.CommentsClose CommentsPermalink
Sec. 929Y. Study on extraterritorial private rights of action.CommentsClose CommentsPermalink
Sec. 929Z. GAO study on securities litigation.CommentsClose CommentsPermalink
Subtitle C--Improvements to the Regulation of Credit Rating Agencies
Sec. 931. Findings.CommentsClose CommentsPermalink
Sec. 932. Enhanced regulation, accountability, and transparency of nationally recognized statistical rating organizations.CommentsClose CommentsPermalink
Sec. 933. State of mind in private actions.CommentsClose CommentsPermalink
Sec. 934. Referring tips to law enforcement or regulatory authorities.CommentsClose CommentsPermalink
Sec. 935. Consideration of information from sources other than the issuer in rating decisions.CommentsClose CommentsPermalink
Sec. 936. Qualification standards for credit rating analysts.CommentsClose CommentsPermalink
Sec. 937. Timing of regulations.CommentsClose CommentsPermalink
Sec. 938. Universal ratings symbols.CommentsClose CommentsPermalink
Sec. 939. Removal of statutory references to credit ratings.CommentsClose CommentsPermalink
Sec. 939A. Review of reliance on ratings.CommentsClose CommentsPermalink
Sec. 939B. Elimination of exemption from fair disclosure rule.CommentsClose CommentsPermalink
Sec. 939C. Securities and Exchange Commission study on strengthening credit rating agency independence.CommentsClose CommentsPermalink
Sec. 939BD. Government Accountability Office study on alternative business models.CommentsClose CommentsPermalink
Sec. 939CE. Government Accountability Office study on the creation of an independent professional analyst organization.CommentsClose CommentsPermalink
Sec. 939D. Initial credit rating assignmentF. Study and rulemaking on assigned credit ratings.CommentsClose CommentsPermalink
Sec. 939G. Effect of Rule 436(g).CommentsClose CommentsPermalink
Sec. 939H. Sense of Congress.CommentsClose CommentsPermalink
Subtitle D--Improvements to the Asset-Backed Securitization Process
Sec. 941. Regulation of credit risk retention.CommentsClose CommentsPermalink
Sec. 942. Disclosures and reporting for asset-backed securities.CommentsClose CommentsPermalink
Sec. 943. Representations and warranties in asset-backed offerings.CommentsClose CommentsPermalink
Sec. 944. Exempted transactions under the Securities Act of 1933.CommentsClose CommentsPermalink
Sec. 945. Due diligence analysis and disclosure in asset-backed securities issues.CommentsClose CommentsPermalink
Sec. 946. Study on the macroeconomic effects of risk retention requirements.CommentsClose CommentsPermalink
Subtitle E--Accountability and Executive Compensation
Sec. 951. Shareholder vote on executive compensation disclosures.CommentsClose CommentsPermalink
Sec. 952. Compensation committee independence.CommentsClose CommentsPermalink
Sec. 953. Executive compensation disclosures.CommentsClose CommentsPermalink
Sec. 954. Recovery of erroneously awarded compensation.CommentsClose CommentsPermalink
Sec. 955. Disclosure regarding employee and director hedging.CommentsClose CommentsPermalink
Sec. 956. Excessive compensation by holding companies of depository institutionsnhanced compensation structure reporting.CommentsClose CommentsPermalink
Sec. 957. Voting by brokers.CommentsClose CommentsPermalink
Subtitle F--Improvements to the Management of the Securities and Exchange Commission
Sec. 961. Report and certification of internal supervisory controls.CommentsClose CommentsPermalink
Sec. 962. Triennial report on personnel management.CommentsClose CommentsPermalink
Sec. 963. Annual financial controls audit.CommentsClose CommentsPermalink
Sec. 964. Report on oversight of national securities associations.CommentsClose CommentsPermalink
Sec. 965. Compliance examiners.CommentsClose CommentsPermalink
Sec. 966. Suggestion program for employees of the Commission.CommentsClose CommentsPermalink
Sec. 967. Commission organizational study and reform.CommentsClose CommentsPermalink
Sec. 968. Study on SEC revolving door.CommentsClose CommentsPermalink
Subtitle G--Strengthening Corporate Governance
Sec. 971. Election of directors by majority vote in uncontested elections.Sec. 972. Proxy access.CommentsClose CommentsPermalink
Sec. 9732. Disclosures regarding chairman and CEO structures.CommentsClose CommentsPermalink
Subtitle H--Municipal Securities
Sec. 975. Regulation of municipal securities and changes to the board of the MSRB.CommentsClose CommentsPermalink
Sec. 976. Government Accountability Office study of increased disclosure to investors.CommentsClose CommentsPermalink
Sec. 977. Government Accountability Office study on the municipal securities markets.CommentsClose CommentsPermalink
Sec. 978. Study of funding for GovernmentFunding for Governmental Accounting Standards Board.CommentsClose CommentsPermalink
Sec. 979. Commission Office of Municipal Securities.CommentsClose CommentsPermalink
Subtitle I--Public Company Accounting Oversight Board, Portfolio Margining, and Other Matters
Sec. 981. Authority to share certain information with foreign authorities.CommentsClose CommentsPermalink
Sec. 982. Oversight of brokers and dealers.CommentsClose CommentsPermalink
Sec. 983. Portfolio margining.CommentsClose CommentsPermalink
Sec. 984. Loan or borrowing of securities.CommentsClose CommentsPermalink
Sec. 985. Technical corrections to Federal securities laws.CommentsClose CommentsPermalink
Sec. 986. Conforming amendments relating to repeal of the Public Utility Holding Company Act of 1935.CommentsClose CommentsPermalink
Sec. 987. Amendment to definition of material loss and nonmaterial losses to the Deposit Insurance Fund for purposes of Inspector General reviews.CommentsClose CommentsPermalink
Sec. 988. Amendment to definition of material loss and nonmaterial losses to the National Credit Union Share Insurance Fund for purposes of Inspector General reviews.CommentsClose CommentsPermalink
Sec. 989. Government Accountability Office study on proprietary trading.CommentsClose CommentsPermalink
Sec. 989A. Senior investor protections.CommentsClose CommentsPermalink
Sec. 989B. Designated Federal Entity Inspectors General Ientity inspectors general independence.CommentsClose CommentsPermalink
Sec. 989C. Strengthening Inspector General accountability.CommentsClose CommentsPermalink
Sec. 989D. Removal of inspectors gInspectors General of designated Federal entities.CommentsClose CommentsPermalink
Sec. 989E. Additional oversight of financial regulatory system.CommentsClose CommentsPermalink
Sec. 989F. GAO study of person to person lending.CommentsClose CommentsPermalink
Sec. 989G. Exemption for nonaccelerated filers.CommentsClose CommentsPermalink
Sec. 989H. Corrective responses by heads of certain establishments to deficiencies identified by Inspectors General.CommentsClose CommentsPermalink
Sec. 989I. GAO study regarding exemption for smaller issuers.CommentsClose CommentsPermalink
Sec. 989J. Further promoting the adoption of the NAIC Model Regulations that enhance protection of seniors and other consumers.CommentsClose CommentsPermalink
Subtitle J--Self-funding of the Securities and Exchange Commissioncurities and Exchange Commission Match Funding
Sec. 991. Securities and Exchange Commission self-match funding.CommentsClose CommentsPermalink
TITLE X--BUREAU OF CONSUMER FINANCIAL PROTECTION
Sec. 1001. Short title.CommentsClose CommentsPermalink
Sec. 1002. Definitions.CommentsClose CommentsPermalink
Subtitle A--Bureau of Consumer Financial Protection
Sec. 1011. Establishment of the Bureau of Consumer Financial Protection.CommentsClose CommentsPermalink
Sec. 1012. Executive and administrative powers.CommentsClose CommentsPermalink
Sec. 1013. Administration.CommentsClose CommentsPermalink
Sec. 1014. Consumer Advisory Board.CommentsClose CommentsPermalink
Sec. 1015. Coordination.CommentsClose CommentsPermalink
Sec. 1016. Appearances before and reports to Congress.CommentsClose CommentsPermalink
Sec. 1017. Funding; penalties and fines.CommentsClose CommentsPermalink
Sec. 1018. Effective date.CommentsClose CommentsPermalink
Subtitle B--General Powers of the Bureau
Sec. 1021. Purpose, objectives, and functions.CommentsClose CommentsPermalink
Sec. 1022. Rulemaking authority.CommentsClose CommentsPermalink
Sec. 1023. Review of Bureau regulations.CommentsClose CommentsPermalink
Sec. 1024. Supervision of nondepository covered persons.CommentsClose CommentsPermalink
Sec. 1025. Supervision of very large banks, savings associations, and credit unions.CommentsClose CommentsPermalink
Sec. 1026. Other banks, savings associations, and credit unions.CommentsClose CommentsPermalink
Sec. 1027. Limitations on authorities of the Bureau; preservation of authorities.CommentsClose CommentsPermalink
Sec. 1028. Authority to restrict mandatory pre-dispute arbitration.CommentsClose CommentsPermalink
Sec. 1029. Exclusion for auto dealers.CommentsClose CommentsPermalink
Sec. 1029A. Effective date.CommentsClose CommentsPermalink
Subtitle C--Specific Bureau Authorities
Sec. 1031. Prohibiting unfair, deceptive, or abusive acts or practices.CommentsClose CommentsPermalink
Sec. 1032. Disclosures.CommentsClose CommentsPermalink
Sec. 1033. Consumer rights to access information.CommentsClose CommentsPermalink
Sec. 1034. Response to consumer complaints and inquiries.CommentsClose CommentsPermalink
Sec. 1035. Private education loan ombudsman.CommentsClose CommentsPermalink
Sec. 1036. Prohibited acts.CommentsClose CommentsPermalink
Sec. 1037. Effective date.CommentsClose CommentsPermalink
Subtitle D--Preservation of State Law
Sec. 1041. Relation to State law.CommentsClose CommentsPermalink
Sec. 1042. Preservation of enforcement powers of States.CommentsClose CommentsPermalink
Sec. 1043. Preservation of existing contracts.CommentsClose CommentsPermalink
Sec. 1044. State law preemption standards for national banks and subsidiaries clarified.CommentsClose CommentsPermalink
Sec. 1045. Clarification of law applicable to nondepository institution subsidiaries.CommentsClose CommentsPermalink
Sec. 1046. State law preemption standards for Federal savings associations and subsidiaries clarified.CommentsClose CommentsPermalink
Sec. 1047. Visitorial standards for national banks and savings associations.CommentsClose CommentsPermalink
Sec. 1048. Effective date.CommentsClose CommentsPermalink
Subtitle E--Enforcement Powers
Sec. 1051. Definitions.CommentsClose CommentsPermalink
Sec. 1052. Investigations and administrative discovery.CommentsClose CommentsPermalink
Sec. 1053. Hearings and adjudication proceedings.CommentsClose CommentsPermalink
Sec. 1054. Litigation authority.CommentsClose CommentsPermalink
Sec. 1055. Relief available.CommentsClose CommentsPermalink
Sec. 1056. Referrals for criminal proceedings.CommentsClose CommentsPermalink
Sec. 1057. Employee protection.CommentsClose CommentsPermalink
Sec. 1058. Effective date.CommentsClose CommentsPermalink
Subtitle F--Transfer of Functions and Personnel; Transitional Provisions
Sec. 1061. Transfer of consumer financial protection functions.CommentsClose CommentsPermalink
Sec. 1062. Designated transfer date.CommentsClose CommentsPermalink
Sec. 1063. Savings provisions.CommentsClose CommentsPermalink
Sec. 1064. Transfer of certain personnel.CommentsClose CommentsPermalink
Sec. 1065. Incidental transfers.CommentsClose CommentsPermalink
Sec. 1066. Interim authority of the Secretary.CommentsClose CommentsPermalink
Sec. 1067. Transition oversight.CommentsClose CommentsPermalink
Subtitle G--Regulatory Improvements
Sec. 1071. Small business data collection.CommentsClose CommentsPermalink
Sec. 1072. GAO study on the effectiveness and impact of various appraisal methods. Sec. 1073. Prohibited payments to mortgage originators. Sec. 1074. Minimum standards for residential mortgage loans. Sec. 1075. Prohibition on certain prepayment penalties.
Sec. 10773. Remittance transfers.CommentsClose CommentsPermalink
Sec. 10784. Department of the Treasury study on ending the conservatorship of Fannie Mae, Freddie Mac, and reforming the housing finance system.CommentsClose CommentsPermalink
Sec. 1075. Reasonable fees and rules for payment card transactions.CommentsClose CommentsPermalink
Sec. 1076. Reverse mortgage study and regulations.CommentsClose CommentsPermalink
Sec. 1077. Report on private education loans and private educational lenders.CommentsClose CommentsPermalink
Sec. 1078. Study and report on credit scores.CommentsClose CommentsPermalink
Sec. 1079. Reasonable fees and rules for payment card transactionview, report, and program with respect to exchange facilitators.CommentsClose CommentsPermalink
Sec. 1079A. Use of Consumer ReportFinancial fraud provisions.CommentsClose CommentsPermalink
Subtitle H--Conforming Amendments
Sec. 1081. Amendments to the Inspector General Act.CommentsClose CommentsPermalink
Sec. 1082. Amendments to the Privacy Act of 1974.CommentsClose CommentsPermalink
Sec. 1083. Amendments to the Alternative Mortgage Transaction Parity Act of 1982.CommentsClose CommentsPermalink
Sec. 1084. Amendments to the Electronic Fund Transfer Act.CommentsClose CommentsPermalink
Sec. 1085. Amendments to the Equal Credit Opportunity Act.CommentsClose CommentsPermalink
Sec. 1086. Amendments to the Expedited Funds Availability Act.CommentsClose CommentsPermalink
Sec. 1087. Amendments to the Fair Credit Billing Act.CommentsClose CommentsPermalink
Sec. 1088. Amendments to the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act of 2003.CommentsClose CommentsPermalink
Sec. 1089. Amendments to the Fair Debt Collection Practices Act.CommentsClose CommentsPermalink
Sec. 1090. Amendments to the Federal Deposit Insurance Act.CommentsClose CommentsPermalink
Sec. 1091. Amendment to Federal Financial Institutions Examination Council Act of 1978.CommentsClose CommentsPermalink
Sec. 1092. Amendments to the Federal Trade Commission Act.CommentsClose CommentsPermalink
Sec. 1093. Amendments to the Gramm-Leach-Bliley Act.CommentsClose CommentsPermalink
Sec. 1092. Amendments to the Home 4. Amendments to the Home Mortgage Disclosure Act of 1975.CommentsClose CommentsPermalink
Sec. 10935. Amendments to the Homeowners Protection Act of 1998.CommentsClose CommentsPermalink
Sec. 1094. Amendments to the Home 6. Amendments to the Home Ownership and Equity Protection Act of 1994.CommentsClose CommentsPermalink
Sec. 10957. Amendments to the Omnibus Appropriations Act, 2009.CommentsClose CommentsPermalink
Sec. 10968. Amendments to the Real Estate Settlement Procedures Act of 1974.CommentsClose CommentsPermalink
Sec. 10978A. Amendments to the Interstate Land Sales Full Disclosure Act.CommentsClose CommentsPermalink
Sec. 1099. Amendments to the Right to Financial Privacy Act of 1978.CommentsClose CommentsPermalink
Sec. 1098100. Amendments to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.CommentsClose CommentsPermalink
Sec. 1099100A. Amendments to the Truth in Lending Act.CommentsClose CommentsPermalink
Sec. 1100B. Amendments to the Truth in Savings Act.CommentsClose CommentsPermalink
Sec. 11010C. Amendments to the Telemarketing and Consumer Fraud and Abuse Prevention Act.CommentsClose CommentsPermalink
Sec. 11020D. Amendments to the Paperwork Reduction Act.CommentsClose CommentsPermalink
Sec. 11030E. Adjustments for inflation in the Truth in Lending Act.CommentsClose CommentsPermalink
Sec. 11040F. Use of consumer reports.CommentsClose CommentsPermalink
Sec. 1100G. Small business fairness and regulatory transparency.CommentsClose CommentsPermalink
Sec. 11050H. Effective date.CommentsClose CommentsPermalink
TITLE XI--FEDERAL RESERVE SYSTEM PROVISIONS
Sec. 11501. Federal Reserve Act amendments on emergency lending authority.CommentsClose CommentsPermalink
Sec. 1152. Reviews of special Federal Reserve credit02. Reviews of special Federal reserve credit facilities.CommentsClose CommentsPermalink
Sec. 11503. Public access to information.CommentsClose CommentsPermalink
Sec. 1154. Liquidity event determination.Sec. 11504. Liquidity event determination.CommentsClose CommentsPermalink
Sec. 1105. Emergency financial stabilization.CommentsClose CommentsPermalink
Sec. 11506. Additional related amendments.CommentsClose CommentsPermalink
Sec. 11507. Federal Reserve Act amendments on Federal reserve bank governance.CommentsClose CommentsPermalink
Sec. 1158. Amendments to the Federal Reserve Act relating to08. Federal Reserve Act amendments on supervision and regulation policy.CommentsClose CommentsPermalink
Sec. 11509. GAO audit of the Federal Reserve facilities; Ppublication of Board actions.CommentsClose CommentsPermalink
TITLE XII--IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS
Sec. 1201. Short title.CommentsClose CommentsPermalink
Sec. 1202. Purpose.CommentsClose CommentsPermalink
Sec. 1203. Definitions.CommentsClose CommentsPermalink
Sec. 1204. Expanded access to mainstream financial institutions.CommentsClose CommentsPermalink
Sec. 1205. Low-cost alternatives to payday loans.CommentsClose CommentsPermalink
Sec. 1206. Grants to establish loan-loss reserve funds.CommentsClose CommentsPermalink
Sec. 1207. Procedural provisions.CommentsClose CommentsPermalink
Sec. 1208. Authorization of appropriations.CommentsClose CommentsPermalink
Sec. 1209. Regulations.CommentsClose CommentsPermalink
Sec. 1210. Evaluation and reports to Congress.CommentsClose CommentsPermalink
TITLE XIII--PAY IT BACK ACT
Sec. 1301. Short title.CommentsClose CommentsPermalink
Sec. 1302. Amendment to reduce TARP authorization.CommentsClose CommentsPermalink
Sec. 1303. Report.CommentsClose CommentsPermalink
Sec. 1304. Amendments to Housing and Economic Recovery Act of 2008.CommentsClose CommentsPermalink
Sec. 1305. Federal Housing Finance Agency report.CommentsClose CommentsPermalink
Sec. 1306. Repayment of unobligated ARRA funds.CommentsClose CommentsPermalink
TITLE XIV--MISCELLANEOUSSec. 1401. Restrictions on use of Federal funds to finance bailouts of foreign governmentORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT
Sec. 1400. Short title; designation as enumerated consumer law.CommentsClose CommentsPermalink
Subtitle A--Residential Mortgage Loan Origination Standards
Sec. 1401. Definitions.CommentsClose CommentsPermalink
Sec. 1402. Residential mortgage loan origination.CommentsClose CommentsPermalink
Sec. 1403. Prohibition on steering incentives.CommentsClose CommentsPermalink
Sec. 1404. Liability.CommentsClose CommentsPermalink
Sec. 1405. Regulations.CommentsClose CommentsPermalink
Sec. 1406. Study of shared appreciation mortgages.CommentsClose CommentsPermalink
Subtitle B--Minimum Standards For Mortgages
Sec. 1411. Ability to repay.CommentsClose CommentsPermalink
Sec. 1412. Safe harbor and rebuttable presumption.CommentsClose CommentsPermalink
Sec. 1413. Defense to foreclosure.CommentsClose CommentsPermalink
Sec. 1414. Additional standards and requirements.CommentsClose CommentsPermalink
Sec. 1415. Rule of construction.CommentsClose CommentsPermalink
Sec. 1416. Amendments to civil liability provisions.CommentsClose CommentsPermalink
Sec. 1417. Lender rights in the context of borrower deception.CommentsClose CommentsPermalink
Sec. 1418. Six-month notice required before reset of hybrid adjustable rate mortgages.CommentsClose CommentsPermalink
Sec. 1419. Required disclosures.CommentsClose CommentsPermalink
Sec. 1420. Disclosures required in monthly statements for residential mortgage loans.CommentsClose CommentsPermalink
Sec. 1421. Report by the GAO.CommentsClose CommentsPermalink
Sec. 1422. State attorney general enforcement authority.CommentsClose CommentsPermalink
Subtitle C--High-Cost Mortgages
Sec. 1431. Definitions relating to high-cost mortgages.CommentsClose CommentsPermalink
Sec. 1432. Amendments to existing requirements for certain mortgages.CommentsClose CommentsPermalink
Sec. 1433. Additional requirements for certain mortgages.CommentsClose CommentsPermalink
Subtitle D--Office of Housing Counseling
Sec. 1441. Short title.CommentsClose CommentsPermalink
Sec. 1442. Establishment of Office of Housing Counseling.CommentsClose CommentsPermalink
Sec. 1443. Counseling procedures.CommentsClose CommentsPermalink
Sec. 1444. Grants for housing counseling assistance.CommentsClose CommentsPermalink
Sec. 1445. Requirements to use HUD-certified counselors under HUD programs.CommentsClose CommentsPermalink
Sec. 1446. Study of defaults and foreclosures.CommentsClose CommentsPermalink
Sec. 1447. Default and foreclosure database.CommentsClose CommentsPermalink
Sec. 1448. Definitions for counseling-related programs.CommentsClose CommentsPermalink
Sec. 1449. Accountability and transparency for grant recipients.CommentsClose CommentsPermalink
Sec. 1450. Updating and simplification of mortgage information booklet.CommentsClose CommentsPermalink
Sec. 1451. Home inspection counseling.CommentsClose CommentsPermalink
Sec. 1452. Warnings to homeowners of foreclosure rescue scams.CommentsClose CommentsPermalink
Subtitle E--Mortgage Servicing
Sec. 1461. Escrow and impound accounts relating to certain consumer credit transactions.CommentsClose CommentsPermalink
Sec. 1462. Disclosure notice required for consumers who waive escrow services.CommentsClose CommentsPermalink
Sec. 1463. Real Estate Settlement Procedures Act of 1974 amendments.CommentsClose CommentsPermalink
Sec. 1464. Truth in Lending Act amendments.CommentsClose CommentsPermalink
Sec. 1465. Escrows included in repayment analysis.CommentsClose CommentsPermalink
Subtitle F--Appraisal Activities
Sec. 1471. Property appraisal requirements.CommentsClose CommentsPermalink
Sec. 1472. Appraisal independence requirements.CommentsClose CommentsPermalink
Sec. 1473. Amendments relating to Appraisal Subcommittee of FFIEC, Appraiser Independence Monitoring, Approved Appraiser Education, Appraisal Management Companies, Appraiser Complaint Hotline, Automated Valuation Models, and Broker Price Opinions.CommentsClose CommentsPermalink
Sec. 1474. Equal Credit Opportunity Act amendment.CommentsClose CommentsPermalink
Sec. 1475. Real Estate Settlement Procedures Act of 1974 amendment relating to certain appraisal fees.CommentsClose CommentsPermalink
Sec. 1476. GAO study on the effectiveness and impact of various appraisal methods, valuation models and distributions channels, and on the Home Valuation Code of conduct and the Appraisal Subcommittee.CommentsClose CommentsPermalink
Subtitle G--Mortgage Resolution and Modification
Sec. 1481. Multifamily mortgage resolution program.CommentsClose CommentsPermalink
Sec. 1482. Home Affordable Modification Program guidelines.CommentsClose CommentsPermalink
Sec. 1483. Public availability of information of Making Home Affordable Program.CommentsClose CommentsPermalink
Sec. 1484. Protecting tenants at foreclosure extension and clarification.CommentsClose CommentsPermalink
Subtitle H--Miscellaneous Provisions
Sec. 1491. Sense of Congress regarding the importance of government-sponsored enterprises reform to enhance the protection, limitation, and regulation of the terms of residential mortgage credit.CommentsClose CommentsPermalink
Sec. 1492. GAO study report on government efforts to combat mortgage foreclosure rescue scams and loan modification fraud.CommentsClose CommentsPermalink
Sec. 1493. Reporting of mortgage data by State.CommentsClose CommentsPermalink
Sec. 1494. Study of effect of drywall presence on foreclosures.CommentsClose CommentsPermalink
Sec. 1495. Definition.CommentsClose CommentsPermalink
Sec. 1496. Emergency mortgage relief.CommentsClose CommentsPermalink
Sec. 1497. Additional assistance for Neighborhood Stabilization Program.CommentsClose CommentsPermalink
Sec. 1498. Legal assistance for foreclosure-related issues.CommentsClose CommentsPermalink
TITLE XV--CONGO CONFLICT MINERALMISCELLANEOUS PROVISIONS
Sec. 1501. Sense of Congress on exploitation and trade of columbite-tantalite, cassiterite, gold, and wolframite originating in Democratic Republic of CongoRestrictions on use of United States funds for foreign governments; protection of American taxpayers.CommentsClose CommentsPermalink
Sec. 1502. Disclosure to Securities and Exchange Commission relating to columbite-tantalite, cassiterite, gold, and wolframite originating in Democratic Republic of CongoConflict minerals.CommentsClose CommentsPermalink
Sec. 1503. Reporting requirements regarding coal or other mine safety.CommentsClose CommentsPermalink
Sec. 1504. Disclosure of payments by resource extraction issuers.CommentsClose CommentsPermalink
Sec. 1505. Study by the Comptroller General.CommentsClose CommentsPermalink
Sec. 1506. Study on core deposits and brokered deposits.CommentsClose CommentsPermalink
TITLE XVI--SECTION 1256 CONTRACTS
Sec. 1601. Certain swaps, etc., not treated as section 1256 contracts.CommentsClose CommentsPermalink
SEC. 2. DEFINITIONS.CommentsClose CommentsPermalink
As used in this Act, the following definitions shall apply, except as the context otherwise requires or as otherwise specifically provided in this Act:CommentsClose CommentsPermalink
(1) AFFILIATE- The term ‘affiliate’ means any company that controls, is controlled by, or is under common control with another companyhas the same meaning as in section 3 of the Federal Deposit Insurance Act (
(2) APPROPRIATE FEDERAL BANKING AGENCY- On and after the transfer date, the term ‘appropriate Federal banking agency’ has the same meaning as in section 3(q) of the Federal Deposit Insurance Act (
(3) BOARD OF GOVERNORS- The term ‘Board of Governors’ means the Board of Governors of the Federal Reserve System.CommentsClose CommentsPermalink
(4) BUREAU- The term ‘Bureau’ means the Bureau of Consumer Financial Protection established under title X.CommentsClose CommentsPermalink
(5) COMMISSION- The term ‘Commission’ means the Securities and Exchange Commission, except in the context of the Commodity Futures Trading Commission.CommentsClose CommentsPermalink
(6) COMMODITY FUTURES TERMS- The terms ‘futures commission merchant’, ‘swap’, ‘swap dealer’, ‘swap execution facility’, ‘derivatives clearing organization’, ‘board of trade’, ‘commodity trading advisor’, ‘commodity pool’, and ‘commodity pool operator’ have the same meanings as given the terms in section 1a of the Commodity Exchange Act (
(7) CORPORATION- The term ‘Corporation’ means the Federal Deposit Insurance Corporation.CommentsClose CommentsPermalink
(78) COUNCIL- The term ‘Council’ means the Financial Stability Oversight Council established under title I.CommentsClose CommentsPermalink
(89) CREDIT UNION- The term ‘credit union’ means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 101 of the Federal Credit Union Act (
(910) FEDERAL BANKING AGENCY- The term--CommentsClose CommentsPermalink
(A) ‘Federal banking agency’ means, individually, the Board of Governors, the Office of the Comptroller of the Currency, and the Corporation; andCommentsClose CommentsPermalink
(B) ‘Federal banking agencies’ means all of the agencies referred to in subparagraph (A), collectively.CommentsClose CommentsPermalink
(101) FUNCTIONALLY REGULATED SUBSIDIARY- The term ‘functionally regulated subsidiary’ has the same meaning as in section 5(c)(5) of the Bank Holding Company Act of 1956 (
(112) PRIMARY FINANCIAL REGULATORY AGENCY- The term ‘primary financial regulatory agency’ means--CommentsClose CommentsPermalink
(A) the appropriate Federal banking agency, with respect to institutions described in section 3(q) of the Federal Deposit Insurance Act, except to the extent that an institution is or the activities of an institution are otherwise subject to the jurisdiction of an agency listdescribed in subparagraph (B), (C), (D), or (E);CommentsClose CommentsPermalink
(B) the Securities and Exchange Commission, with respect to--CommentsClose CommentsPermalink
(i) any broker or dealer that is registered with the Commission under the Securities Exchange Act of 1934; (ii) any investment company that is registered with the Commission under the Investment Company Act of 1940;
(ii) any investment company that is registered with the Commission under the Investment Company Act of 1940, with respect to the activities of the investment company that require the investment company to be registered under that Act;CommentsClose CommentsPermalink
(iii) any investment adviser that is registered with the Commission under the Investment Advisers Act of 1940, with respect to the investment advisory activities of such company and activities that are incidental to such advisory activities;CommentsClose CommentsPermalink
and(iv) any clearing agency (iv) any clearing agency registered with the Commission under the Securities Exchange Act of 1934, with respect to the activities of the clearing agency that require the agency to be registered under such Act; CommentsClose CommentsPermalink
(v) any nationally recognized statistical rating organization registered with the Commission under the Securities Exchange Act of 1934;CommentsClose CommentsPermalink
(vi) any transfer agent registered with the Commission under the Securities Exchange Act of 1934;CommentsClose CommentsPermalink
(vii) any exchange registered as a national securities exchange with the Commission under the Securities Exchange Act of 1934;CommentsClose CommentsPermalink
(viii) any national securities association registered with the Commission under the Securities Exchange Act of 1934;CommentsClose CommentsPermalink
(ix) any securities information processor registered with the Commission under the Securities Exchange Act of 1934;CommentsClose CommentsPermalink
(x) the Municipal Securities Rulemaking Board established under the Securities Exchange Act of 1934;CommentsClose CommentsPermalink
(xi) the Public Company Accounting Oversight Board established under the Sarbanes-Oxley Act of 2002 (
(xii) the Securities Investor Protection Corporation established under the Securities Investor Protection Act of 1970 (
(xiii) any security-based swap execution facility, security-based swap data repository, security-based swap dealer or major security-based swap participant registered with the Commission under the Securities Exchange Act of 1934, with respect to the security-based swap activities of the person that require such person to be registered under such Act;CommentsClose CommentsPermalink
(C) the Commodity Futures Trading Commission, with respect to any futures commission merchant, any commodity trading adviser, and any commodity--CommentsClose CommentsPermalink
(i) any futures commission merchant registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (
(ii) any commodity pool operator registered with the Commodity Futures Trading Commission under the Commodity Exchange Act, with respect to the commodities activities of such entity and activities that are incidental to such commodities activities (
(iii) any commodity trading advisor or introducing broker registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (
(iv) any derivatives clearing organization registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (
(v) any board of trade designated as a contract market by the Commodity Futures Trading Commission under the Commodity Exchange Act (
(vi) any futures association registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (
(vii) any retail foreign exchange dealer registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (
(viii) any swap execution facility, swap data repository, swap dealer, or major swap participant registered with the Commodity Futures Trading Commission under the Commodity Exchange Act (
(ix) any registered entity under the Commodity Exchange Act (
(D) the State insurance authority of the State in which an insurance company is domiciled, with respect to the insurance activities and activities that are incidental to such insurance activities of an insurance company that is subject to supervision by the State insurance authority under State insurance law; andCommentsClose CommentsPermalink
(E) the Federal Housing Finance Agency, with respect to Federal Home Loan Banks or the Federal Home Loan Bank System, and with respect to the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.CommentsClose CommentsPermalink
(123) PRUDENTIAL STANDARDS- The term ‘prudential standards’ means enhanced supervision and regulatory standards developed by the Board of Governors under section 115 or 165.CommentsClose CommentsPermalink
(134) SECRETARY- The term ‘Secretary’ means the Secretary of the Treasury.CommentsClose CommentsPermalink
(145) SECURITIES TERMS- The--CommentsClose CommentsPermalink
(A) terms ‘broker’, ‘dealer’, ‘issuer’, ‘nationally recognized statistical ratings organization’, ‘security’, and ‘securities laws’ have the same meanings as in section 3 of the Securities Exchange Act of 1934 (
(B) term ‘investment adviser’ has the same meaning as in section 202 of the Investment Advisers Act of 1940 (
(C) term ‘investment company’ has the same meaning as in section 3 of the Investment Company Act of 1940 (
(156) STATE- The term ‘State’ means any State, commonwealth, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, or the United States Virgin Islands.CommentsClose CommentsPermalink
(167) TRANSFER DATE- The term ‘transfer date’ means the date established under section 311.CommentsClose CommentsPermalink
(178) OTHER INCORPORATED DEFINITIONS-CommentsClose CommentsPermalink
(A) FEDERAL DEPOSIT INSURANCE ACT- The terms ‘affiliate’, ‘bank’, ‘bank holding company’, ‘control’ (when used with respect to a depository institution), ‘deposit’, ‘depository institution’, ‘Federal depository institution’, ‘Federal savings association’, ‘foreign bank’, ‘including’, ‘insured branch’, ‘insured depository institution’, ‘national member bank’, ‘national nonmember bank’, ‘savings association’, ‘State bank’, ‘State depository institution’, ‘State member bank’, ‘State nonmember bank’, ‘State savings association’, and ‘subsidiary’ have the same meanings as in section 3 of the Federal Deposit Insurance Act (
(B) HOLDING COMPANIES- The term--CommentsClose CommentsPermalink
(i) ‘bank holding company’ has the same meaning as in section 2 of the Bank Holding Company Act of 1956 (
(ii) ‘financial holding company’ has the same meaning as in section 2(p) of the Bank Holding Company Act of 1956 (
(iii) ‘savings and loan holding company’ has the same meaning as in section 10 of the Home Owners’ Loan Act (
SEC. 3. SEVERABILITY.CommentsClose CommentsPermalink
If any provision of this Act, an amendment made by this Act, or the application of such provision or amendment to any person or circumstance is held to be unconstitutional, the remainder of this Act, the amendments made by this Act, and the application of the provisions of such to any person or circumstance shall not be affected thereby.CommentsClose CommentsPermalink
SEC. 4. EFFECTIVE DATE.CommentsClose CommentsPermalink
Except as otherwise specifically provided in this Act or the amendments made by this Act, this Act and such amendments shall take effect 1 day after the date of enactment of this Act.CommentsClose CommentsPermalink
SEC. 5. BUDGETARY EFFECTS.CommentsClose CommentsPermalink
The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by reference to the latest statement titled ‘Budgetary Effects of PAYGO Legislation’ for this Act, jointly submitted for printing in the Congressional Record by the Chairmen of the House and Senate Budget Committees, provided that such statement has been submitted prior to the vote on passage in the House acting first on this conference report or amendment between the Houses.CommentsClose CommentsPermalink
SEC. 6. ANTITRUST SAVINGS CLAUSE.CommentsClose CommentsPermalink
Nothing in this Act, or any amendment made by this Act, shall be construed to modify, impair, or supersede the operation of any of the antitrust laws, unless otherwise specified. For purposes of this section, the term ‘antitrust laws’ has the same meaning as in subsection (a) of the first section of the Clayton Act, except that such term includes section 5 of the Federal Trade Commission Act, to the extent that such section 5 applies to unfair methods of competition.CommentsClose CommentsPermalink
TITLE I--FINANCIAL STABILITYCommentsClose CommentsPermalink
TITLE I--FINANCIAL STABILITYCommentsClose CommentsPermalink
SEC. 101. SHORT TITLE.CommentsClose CommentsPermalink
This title may be cited as the ‘Financial Stability Act of 2010’.CommentsClose CommentsPermalink
SEC. 102. DEFINITIONS.CommentsClose CommentsPermalink
(a) In General- For purposes of this title, unless the context otherwise requires, the following definitions shall apply:CommentsClose CommentsPermalink
(1) BANK HOLDING COMPANY- The term ‘bank holding company’ has the same meaning as in section 2 of the Bank Holding Company Act of 1956 (
(2) CHAIRPERSON- The term ‘Chairperson’ means the Chairperson of the Council.CommentsClose CommentsPermalink
(3) MEMBER AGENCY- The term ‘member agency’ means an agency represented by a voting member of the Council.CommentsClose CommentsPermalink
(4) NONBANK FINANCIAL COMPANY DEFINITIONS-CommentsClose CommentsPermalink
(A) FOREIGN NONBANK FINANCIAL COMPANY- The term ‘foreign nonbank financial company’ means a company (other than a company that is, or is treated in the United States as, a bank holding company or a subsidiary thereof) that is--CommentsClose CommentsPermalink
(i) incorporated or organized in a country other than the United States; andCommentsClose CommentsPermalink
(ii) predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6).CommentsClose CommentsPermalink
(B) U.S. NONBANK FINANCIAL COMPANY- The term ‘U.S. nonbank financial company’ means a company (other than a bank holding company or a subsidiary thereof, or a Farm Credit System institution , a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (
(i) incorporated or organized under the laws of the United States or any State; andCommentsClose CommentsPermalink
(ii) predominantly engaged in financial activities, as defined in paragraph (6).CommentsClose CommentsPermalink
(C) NONBANK FINANCIAL COMPANY- The term ‘nonbank financial company’ means a U.S. nonbank financial company and a foreign nonbank financial company.CommentsClose CommentsPermalink
(D) NONBANK FINANCIAL COMPANY SUPERVISED BY THE BOARD OF GOVERNORS- The term ‘nonbank financial company supervised by the Board of Governors’ means a nonbank financial company that the Council has determined under section 113 shall be supervised by the Board of Governors.CommentsClose CommentsPermalink
(5) OFFICE OF FINANCIAL RESEARCH- The term ‘Office of Financial Research’ means the office established under section 152.CommentsClose CommentsPermalink
(6) PREDOMINANTLY ENGAGED- A company is ‘predominantly engaged in financial activities’ if--CommentsClose CommentsPermalink
(A) the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, from the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated annual gross revenues of the company; orCommentsClose CommentsPermalink
(B) the consolidated assets of the company and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the company.CommentsClose CommentsPermalink
(7) SIGNIFICANT INSTITUTIONS- The terms ‘significant nonbank financial company’ and ‘significant bank holding company’ have the meanings given those terms by rule of the Board of Governors.(b), but in no instance shall the term ‘significant nonbank financial company’ include those entities that are excluded under paragraph (4)(B).CommentsClose CommentsPermalink
(b) Definitional Criteria- The Board of Governors shall establish, by regulation, the requirements for determining if a company is predominantly engaged in financial activities, as defined in subsection (a)(6).CommentsClose CommentsPermalink
(c) Foreign Nonbank Financial Companies- For purposes of the authority of the Board of Governors under this title with respect to foreign nonbank financial companiespplication of subtitles A and C (other than section 113(b)) with respect to a foreign nonbank financial company, references in this title to ‘company’ or ‘subsidiary’ include only the United States activities and subsidiaries of such foreign company, except as otherwise provided.CommentsClose CommentsPermalink
Subtitle A--Financial Stability Oversight CouncilCommentsClose CommentsPermalink
Subtitle A--Financial Stability Oversight CouncilCommentsClose CommentsPermalink
SEC. 111. FINANCIAL STABILITY OVERSIGHT COUNCIL ESTABLISHED.CommentsClose CommentsPermalink
(a) Establishment- Effective on the date of enactment of this Act, there is established the Financial Stability Oversight Council.CommentsClose CommentsPermalink
(b) Membership- The Council shall consist of the following members:CommentsClose CommentsPermalink
(1) VOTING MEMBERS- The voting members, who shall each have 1 vote on the Council shall be--CommentsClose CommentsPermalink
(A) the Secretary of the Treasury, who shall serve as Chairperson of the Council;CommentsClose CommentsPermalink
(B) the Chairman of the Board of Governors;CommentsClose CommentsPermalink
(C) the Comptroller of the Currency;CommentsClose CommentsPermalink
(D) the Director of the Bureau;CommentsClose CommentsPermalink
(E) the Chairman of the Commission;CommentsClose CommentsPermalink
(F) the Chairperson of the Corporation;CommentsClose CommentsPermalink
(G) the Chairperson of the Commodity Futures Trading Commission;CommentsClose CommentsPermalink
(H) the Director of the Federal Housing Finance Agency;CommentsClose CommentsPermalink
and(I (I) the Chairman of the National Credit Union Administration Board; and CommentsClose CommentsPermalink
(J) an independent member appointed by the President, by and with the advice and consent of the Senate, having insurance expertise.CommentsClose CommentsPermalink
(2) NONVOTING MEMBERS- The Director of the Office of Financial Research--(A)nonvoting members, who shall serve in an advisory capacity as a nonvoting member of the Council; and(B) may, shall be--CommentsClose CommentsPermalink
(A) the Director of the Office of Financial Research;CommentsClose CommentsPermalink
(B) the Director of the Federal Insurance Office;CommentsClose CommentsPermalink
(C) a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners;CommentsClose CommentsPermalink
(D) a State banking supervisor, to be designated by a selection process determined by the State banking supervisors; andCommentsClose CommentsPermalink
(E) a State securities commissioner (or an officer performing like functions), to be designated by a selection process determined by such State securities commissioners.CommentsClose CommentsPermalink
(3) NONVOTING MEMBER PARTICIPATION- The nonvoting members of the Council shall not be excluded from any of the proceedings, meetings, discussions, or deliberations of the Council, except that the Chairperson may, upon an affirmative vote of the member agencies, exclude the nonvoting members from any of the proceedings, meetings, discussions, or deliberations of the Council.(c) when necessary to safeguard and promote the free exchange of confidential supervisory information.CommentsClose CommentsPermalink
(c) Terms; Vacancy-CommentsClose CommentsPermalink
(1) TERMS- The independent member of the Council shall serve for a term of 6 years, and each nonvoting member described in subparagraphs (C), (D), and (E) of subsection (b)(2) shall serve for a term of 2 years.CommentsClose CommentsPermalink
(2) VACANCY- Any vacancy on the Council shall be filled in the manner in which the original appointment was made.CommentsClose CommentsPermalink
(3) ACTING OFFICIALS MAY SERVE- In the event of a vacancy in the office of the head of a member agency or department, and pending the appointment of a successor, or during the absence or disability of the head of a member agency or department, the acting head of the member agency or department shall serve as a member of the Council in the place of that agency or department head.CommentsClose CommentsPermalink
(d) Technical and Professional Advisory Committees- The Council may appoint such special advisory, technical, or professional committees as may be useful in carrying out the functions of the Council, including an advisory committee consisting of State regulators, and the members of such committees may be members of the Council, or other persons, or both.CommentsClose CommentsPermalink
(e) Meetings-CommentsClose CommentsPermalink
(1) TIMING- The Council shall meet at the call of the Chairperson or a majority of the members then serving, but not less frequently than quarterly.CommentsClose CommentsPermalink
(2) RULES FOR CONDUCTING BUSINESS- The Council shall adopt such rules as may be necessary for the conduct of the business of the Council. Such rules shall be rules of agency organization, procedure, or practice for purposes of
(f) Voting- Unless otherwise specified, the Council shall make all decisions that it is authorized or required to make by a majority vote of the voting members then serving.CommentsClose CommentsPermalink
(g) Nonapplicability of FACA- The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to the Council, or to any special advisory, technical, or professional committee appointed by the Council, except that, if an advisory, technical, or professional committee has one or more members who are not employees of or affiliated with the United States Government, the Council shall publish a list of the names of the members of such committee.CommentsClose CommentsPermalink
(h) Assistance From Federal Agencies- Any department or agency of the United States may provide to the Council and any special advisory, technical, or professional committee appointed by the Council, such services, funds, facilities, staff, and other support services as the Council may determine advisable.CommentsClose CommentsPermalink
(i) Compensation of Members-CommentsClose CommentsPermalink
(1) FEDERAL EMPLOYEE MEMBERS- All members of the Council who are officers or employees of the United States shall serve without compensation in addition to that received for their services as officers or employees of the United States.CommentsClose CommentsPermalink
(2) COMPENSATION FOR NON-FEDERAL MEMBER-
‘Independent Member of the Financial Stability Oversight Council (1).’.CommentsClose CommentsPermalink
(j) Detail of Government Employees- Any employee of the Federal Government may be detailed to the Council without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege. An employee of the Federal Government detailed to the Council shall report to and be subject to oversight by the Council during the assignment to the Council, and shall be compensated by the department or agency from which the employee was detailed.CommentsClose CommentsPermalink
SEC. 112. COUNCIL AUTHORITY.CommentsClose CommentsPermalink
(a) Purposes and Duties of the Council-CommentsClose CommentsPermalink
(1) IN GENERAL- The purposes of the Council are--CommentsClose CommentsPermalink
(A) to identify risks to the financial stability of the United States that could arise from the material financial distress or failure, or ongoing activities, of large, interconnected bank holding companies or nonbank financial companies, or that could arise outside the financial services marketplace;CommentsClose CommentsPermalink
(B) to promote market discipline, by eliminating expectations on the part of shareholders, creditors, and counterparties of such companies that the Government will shield them from losses in the event of failure; andCommentsClose CommentsPermalink
(C) to respond to emerging threats to the stability of the United States financial marketssystem.CommentsClose CommentsPermalink
(2) DUTIES- The Council shall, in accordance with this title--CommentsClose CommentsPermalink
(A) collect information from member agencies and other Federal and State financial regulatory agencies, other Federal and State financial regulatory agencies, the Federal Insurance Office and, if necessary to assess risks to the United States financial system, direct the Office of Financial Research to collect information from bank holding companies and nonbank financial companies;CommentsClose CommentsPermalink
(B) provide direction to, and request data and analyses from, the Office of Financial Research to support the work of the Council;CommentsClose CommentsPermalink
(C) monitor the financial services marketplace in order to identify potential threats to the financial stability of the United States;CommentsClose CommentsPermalink
(D) facilitate information to monitor domestic and international financial regulatory proposals and developments, including insurance and accounting issues, and to advise Congress and make recommendations in such areas that will enhance the integrity, efficiency, competitiveness, and stability of the U.S. financial markets;CommentsClose CommentsPermalink
(E) facilitate information sharing and coordination among the member agencies and other Federal and State agencies regarding domestic financial services policy development, rulemaking, examinations, reporting requirements, and enforcement actions;CommentsClose CommentsPermalink
(EF) recommend to the member agencies general supervisory priorities and principles reflecting the outcome of discussions among the member agencies;CommentsClose CommentsPermalink
(FG) identify gaps in regulation that could pose risks to the financial stability of the United States;CommentsClose CommentsPermalink
(GH) require supervision by the Board of Governors for nonbank financial companies that may pose risks to the financial stability of the United States in the event of their material financial distress or failure, pursuant to section 113;(H) make recommendations to the Board of Governors or because of their activities pursuant to section 113;CommentsClose CommentsPermalink
(I) make recommendations to the Board of Governors concerning the establishment of heightened prudential standards for risk-based capital, leverage, liquidity, contingent capital, resolution plans and credit exposure reports, concentration limits, enhanced public disclosures, and overall risk management for nonbank financial companies and large, interconnected bank holding companies supervised by the Board of Governors;CommentsClose CommentsPermalink
(IJ) identify systemically important financial market utilities and payment, clearing, and settlement activities (as that term is defined in title VIII), and require such utilities and activities to be subject to standards established by the Board of Governors;(J;CommentsClose CommentsPermalink
(K) make recommendations to primary financial regulatory agencies to apply new or heightened standards and safeguards for financial activities or practices that could create or increase risks of significant liquidity, credit, or other problems spreading among bank holding companies, nonbank financial companies, and United States financial markets;CommentsClose CommentsPermalink
(K) make determinations regarding exemptions in title VII, where necessary;(LL) review and, as appropriate, may submit comments to the Commission and any standard-setting body with respect to an existing or proposed accounting principle, standard, or procedure;CommentsClose CommentsPermalink
(M) provide a forum for--CommentsClose CommentsPermalink
(i) discussion and analysis of emerging market developments and financial regulatory issues; andCommentsClose CommentsPermalink
(ii) resolution of jurisdictional disputes among the members of the Council; andCommentsClose CommentsPermalink
(MN) annually report to and testify before Congress on--CommentsClose CommentsPermalink
(i) the activities of the Council;CommentsClose CommentsPermalink
(ii) significant financial market developments and potentialand regulatory developments, including insurance and accounting regulations and standards, along with an assessment of those developments on the stability of the financial system;CommentsClose CommentsPermalink
(iii) potential emerging threats to the financial stability of the United States;CommentsClose CommentsPermalink
(iiiv) all determinations made under section 113 or title VIII, and the basis for such determinations;CommentsClose CommentsPermalink
and(iv (v) all recommendations made under section 119 and the result of such recommendations; and CommentsClose CommentsPermalink
(vi) recommendations--CommentsClose CommentsPermalink
(I) to enhance the integrity, efficiency, competitiveness, and stability of United States financial markets;CommentsClose CommentsPermalink
(II) to promote market discipline; andCommentsClose CommentsPermalink
(III) to maintain investor confidence.CommentsClose CommentsPermalink
(b) Statements by Voting Members of the Council- At the time at which each report is submitted under subsection (a), each voting member of the Council shall--CommentsClose CommentsPermalink
(1) if such member believes that the Council, the Government, and the private sector are taking all reasonable steps to ensure financial stability and to mitigate systemic risk that would negatively affect the economy, submit a signed statement to Congress stating such belief; orCommentsClose CommentsPermalink
(2) if such member does not believe that all reasonable steps described under paragraph (1) are being taken, submit a signed statement to Congress stating what actions such member believes need to be taken in order to ensure that all reasonable steps described under paragraph (1) are taken.CommentsClose CommentsPermalink
(c) Testimony by the Chairperson- The Chairperson shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate at an annual hearing, after the report is submitted under subsection (a)--CommentsClose CommentsPermalink
(1) to discuss the efforts, activities, objectives, and plans of the Council; andCommentsClose CommentsPermalink
(2) to discuss and answer questions concerning such report.CommentsClose CommentsPermalink
(d) Authority To Obtain Information-CommentsClose CommentsPermalink
(1) IN GENERAL- The Council may receive, and may request the submission of, any data or information from the Office of Financial Research and member agencies, member agencies, and the Federal Insurance Office, as necessary--CommentsClose CommentsPermalink
(A) to monitor the financial services marketplace to identify potential risks to the financial stability of the United States; orCommentsClose CommentsPermalink
(B) to otherwise carry out any of the provisions of this title.CommentsClose CommentsPermalink
(2) SUBMISSIONS BY THE OFFICE AND MEMBER AGENCIES- Notwithstanding any other provision of law, the Office of Financial Research and any member agency, any member agency, and the Federal Insurance Office, are authorized to submit information to the Council.CommentsClose CommentsPermalink
(3) FINANCIAL DATA COLLECTION-CommentsClose CommentsPermalink
(A) IN GENERAL- The Council, acting through the Office of Financial Research, may require the submission of periodic and other reports from any nonbank financial company or bank holding company for the purpose of assessing the extent to which a financial activity or financial market in which the nonbank financial company or bank holding company participates, or the nonbank financial company or bank holding company itself, poses a threat to the financial stability of the United States.CommentsClose CommentsPermalink
(B) MITIGATION OF REPORT BURDEN- Before requiring the submission of reports from any nonbank financial company or bank holding company that is regulated by a member agency or any primary financial regulatory agency, the Council, acting through the Office of Financial Research, shall coordinate with such agencies and shall, whenever possible, rely on information available from the Office of Financial Research or such agencies.CommentsClose CommentsPermalink
(4)C) MITIGATION IN CASE OF FOREIGN FINANCIAL COMPANIES- Before requiring the submission of reports from a company that is a foreign nonbank financial company or foreign-based bank holding company, the Council shall, acting through the Office of Financial Research, to the extent appropriate, consult with the appropriate foreign regulator of such company and, whenever possible, rely on information already being collected by such foreign regulator, with English translation.CommentsClose CommentsPermalink
(4) BACK-UP EXAMINATION BY THE BOARD OF GOVERNORS- If the Council is unable to determine whether the financial activities of a U.S. nonbank financial company pose a threat to the financial stability of the United States, based on information or reports obtained under paragraphs (1) and (3), discussions with management, and publicly available information, the Council may request the Board of Governors, and the Board of Governors is authorized, to conduct an examination of the nonbank financial company for the sole purpose of determining whether the nonbank financial company should be supervised by the Board of Governors for purposes of this title.(5) U.S. nonbank financial company for the sole purpose of determining whether the nonbank financial company should be supervised by the Board of Governors for purposes of this title.CommentsClose CommentsPermalink
(5) CONFIDENTIALITY-CommentsClose CommentsPermalink
(A) IN GENERAL- The Council, the Office of Financial Research, and the other member agencies shall maintain the confidentiality of any data, information, and reports submitted under this subsection and subtitle B.(B) title.CommentsClose CommentsPermalink
(B) RETENTION OF PRIVILEGE- The submission of any nonpublicly available data or information under this subsection and subtitle B shall not constitute a waiver of, or otherwise affect, any privilege arising under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject.CommentsClose CommentsPermalink
(C) FREEDOM OF INFORMATION ACT-
SEC. 113. AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF CERTAIN NONBANK FINANCIAL COMPANIES.CommentsClose CommentsPermalink
(a) U.S. Nonbank Financial Companies Supervised by the Board of Governors-CommentsClose CommentsPermalink
(1) DETERMINATION- The Council, on a nondelegable basis and by a vote of not fewer than 2/3 of the2/3 of the voting members then serving, including an affirmative vote by the Chairperson, may determine that a U.S. nonbank financial company shall be supervised by the Board of Governors and shall be subject to prudential standards, in accordance with this title, if the Council determines that material financial distress at the U.S. nonbank financial company w, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the U.S. nonbank financial company, could pose a threat to the financial stability of the United States.CommentsClose CommentsPermalink
(2) CONSIDERATIONS- Each determination under paragraph (1) shall be based on a consideration by the Council of--(A) the degree ofIn making a determination under paragraph (1), the Council shall consider--CommentsClose CommentsPermalink
(A) the extent of the leverage of the company;CommentsClose CommentsPermalink
(B) the amount and nature of the financial assets of the company; (C) the amount and types of the liabilities of the company, including the degree of reliance on short-term funding;
(E) the extent and typesC) the extent and nature of the transactions and relationships of the company with other significant nonbank financial companies and significant bank holding companies;CommentsClose CommentsPermalink
(FD) the importance of the company as a source of credit for households, businesses, and State and local governments and as a source of liquidity for the United States financial system;CommentsClose CommentsPermalink
(G) the recommendation, if any, of a member of the Council; (H) the operation of, or ownership interest in, any clearing, settlement, or payment business of the company; (I) the extent to which--
(F) the extent to which assets are managed rather than owned by the company; and(ii), and the extent to which ownership of assets under management is diffuse;CommentsClose CommentsPermalink
and(J) any other (G) the nature, scope, size, scale, concentration, interconnectedness, and mix of the activities of the company; CommentsClose CommentsPermalink
(H) the degree to which the company is already regulated by 1 or more primary financial regulatory agencies;CommentsClose CommentsPermalink
(I) the amount and nature of the financial assets of the company;CommentsClose CommentsPermalink
(J) the amount and types of the liabilities of the company, including the degree of reliance on short-term funding; andCommentsClose CommentsPermalink
(K) any other risk-related factors that the Council deems appropriate.CommentsClose CommentsPermalink
(b) Foreign Nonbank Financial Companies Supervised by the Board of Governors-CommentsClose CommentsPermalink
(1) DETERMINATION- The Council, on a nondelegable basis and by a vote of not fewer than 2/3 of the2/3 of the voting members then serving, including an affirmative vote by the Chairperson, may determine that a foreign nonbank financial company that has substantial assets or operations in the United States shall be supervised by the Board of Governors and shall be subject to prudential standardsshall be supervised by the Board of Governors and shall be subject to prudential standards, in accordance with this title, if the Council determines that material financial distress at the foreign nonbank financial company w, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the foreign nonbank financial company, could pose a threat to the financial stability of the United States.CommentsClose CommentsPermalink
(2) CONSIDERATIONS- Each determination under paragraph (1) shall be based on a consideration by the Council of--(A) the degree ofIn making a determination under paragraph (1), the Council shall consider--CommentsClose CommentsPermalink
(A) the extent of the leverage of the company;CommentsClose CommentsPermalink
(B) the amouextent and nature of the United States financial assets of the company; (C) the amount and types of the liabilities of the company used to fund activities and operations in the United States, including the degree of reliance on short-term funding;
(C) the extent and nature of the transactions and relationships of the company with other significant nonbank financial companies and bank holding companies;(Fsignificant bank holding companies;CommentsClose CommentsPermalink
(D) the importance of the company as a source of credit for United States households, businesses, and State and local governments, and as a source of liquidity for the United States financial system;CommentsClose CommentsPermalink
(G) the recommendation, if any, of a member of the Council; (H) the extent to which--
(F) the extent to which assets are managed rather than owned by the company; and(ii) and the extent to which ownership of assets under management is diffuse;CommentsClose CommentsPermalink
and(I) any other (G) the nature, scope, size, scale, concentration, interconnectedness, and mix of the activities of the company; CommentsClose CommentsPermalink
(H) the extent to which the company is subject to prudential standards on a consolidated basis in its home country that are administered and enforced by a comparable foreign supervisory authority;CommentsClose CommentsPermalink
(I) the amount and nature of the United States financial assets of the company;CommentsClose CommentsPermalink
(J) the amount and nature of the liabilities of the company used to fund activities and operations in the United States, including the degree of reliance on short-term funding; andCommentsClose CommentsPermalink
(K) any other risk-related factors that the Council deems appropriate.CommentsClose CommentsPermalink
(c) Anti-evasion-CommentsClose CommentsPermalink
(1) DETERMINATIONS- In order to avoid evasion of this Act, the title, the Council, on its own initiative or at the request of the Board of Governors, may determine, on a nondelegable basis and by a vote of not fewer than 2/3 of the2/3 of the voting members then serving, including an affirmative vote by the Chairperson, that--CommentsClose CommentsPermalink
(A) material financial distress related to, or the nature, scope, size, scale, concentration, interconnectedness, or mix of, the financial activities conducted directly or indirectly by a company incorporated or organized under the laws of the United States or any State or the financial activities in the United States of a company incorporated or organized in a country other than the United States would pose a threat to the financial stability of the United States, based on consideration of the factors in subsection (b)(2);(B) the company isa)(2) or (b)(2), as applicable;CommentsClose CommentsPermalink
(B) the company is organized or operates in such a manner as to evade the application of this title;(C) such financial activities of the company shall be supervised by the Board of Governors and subject to prudential standards in accordance with this title andCommentsClose CommentsPermalink
(C) such financial activities of the company shall be supervised by the Board of Governors and subject to prudential standards in accordance with this title, consistent with paragraph (2); and(D) upon making a determination under subsection (c)(1), the Council shall submit a report to the appropriate3).CommentsClose CommentsPermalink
(2) REPORT- Upon making a determination under paragraph (1), the Council shall submit a report to the appropriate committees of Congress detailing the reasons for making such determination under this subsection. (2) Consolidated supervision of only financial activities; Establishment of an intermediate holding company.
(3) CONSOLIDATED SUPERVISION OF ONLY FINANCIAL ACTIVITIES; ESTABLISHMENT OF AN INTERMEDIATE HOLDING COMPANY-CommentsClose CommentsPermalink
(A) ESTABLISHMENT OF AN INTERMEDIATE HOLDING COMPANY- Upon a determination under paragraph (1), the company may establish anthat is the subject of the determination may establish an intermediate holding company in which the financial activities of such company and its subsidiaries wishall be conducted (other than the activities described in section 167(b)(2)) in compliance with any regulations or guidance provided by the Board of Governors). Such intermediate holding company shall be subject to the supervision of the Board of Governors and to prudential standards under this title as if the intermediate holding company iswere a nonbank financial company supervised by the Board of Governors.CommentsClose CommentsPermalink
(B) ACTION OF THE BOARD OF GOVERNORS- To facilitate the supervision of the financial activities subject to the determination in paragraph (1), the Board of Governors may require a company to establish an intermediate holding company, as provided for in section 167, which would be subject to the supervision of the Board of Governors and to prudential standards under this title, as if the intermediate holding company is a nonbank financial company supervised by the Board of Governors.(3were a nonbank financial company supervised by the Board of Governors.CommentsClose CommentsPermalink
(4) NOTICE AND OPPORTUNITY FOR HEARING AND FINAL DETERMINATION; JUDICIAL REVIEW- Subsections (d), (f), and (g through (h) shall apply to determinations made by the Council pursuant to paragraph (1) in the same manner as such subsections apply to nonbank financial companies.CommentsClose CommentsPermalink
(45) COVERED FINANCIAL ACTIVITIES- For purposes of this subsection, the term ‘financial activities’ means activities that are financial in nature--CommentsClose CommentsPermalink
(A) means activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and include;CommentsClose CommentsPermalink
(B) includes the ownership or control of one or more insured depository institutions and shall not include internal financial activities conducted for the company or any affiliates thereof including internal ; andCommentsClose CommentsPermalink
(C) does not include internal financial activities conducted for the company or any affiliate thereof, including internal treasury, investment, and employee benefit functions.CommentsClose CommentsPermalink
(56) ONLY FINANCIAL ACTIVITIES SUBJECT TO PRUDENTIAL SUPERVISION- Nonfinancial activities of the company shall not be subject to supervision by the Board of Governors and prudential standards of the Board. For purposes of this Act, the financial activities that are the subject of the determination in paragraph (1) shall be subject to the same requirements as a nonbank financial company supervised by the Board of Governors. Nothing in this paragraph shall prohibit or limit the authority of the Board of Governors to apply prudential standards under this title to the financial activities that are subject to the determination in paragraph (1).CommentsClose CommentsPermalink
(d) Reevaluation and Rescission- The Council shall--CommentsClose CommentsPermalink
(1) not less frequently than annually, reevaluate each determination made under subsections (a) and (b) with respect to easuch nonbank financial company supervised by the Board of Governors; andCommentsClose CommentsPermalink
(2) rescind any such determination, if the Council, by a vote of not fewer than 2/3 of the2/3 of the voting members then serving, including an affirmative vote by the Chairperson, determines that the nonbank financial company no longer meets the standards under subsection (a) or (b), as applicable.CommentsClose CommentsPermalink
(e) Notice and Opportunity for Hearing and Final Determination-CommentsClose CommentsPermalink
(1) IN GENERAL- The Council shall provide to a nonbank financial company written notice of a proposed determination of the Council, including an explanation of the basis of the proposed determination of the Council, that sucha nonbank financial company shall be supervised by the Board of Governors and shall be subject to prudential standards in accordance with this title.CommentsClose CommentsPermalink
(2) HEARING- Not later than 30 days after the date of receipt of any notice of a proposed determination under paragraph (1), the nonbank financial company may request, in writing, an opportunity for a written or oral hearing before the Council to contest the proposed determination. Upon receipt of a timely request, the Council shall fix a time (not later than 30 days after the date of receipt of the request) and place at which such company may appear, personally or through counsel, to submit written materials (or, at the sole discretion of the Council, oral testimony and oral argument).CommentsClose CommentsPermalink
(3) FINAL DETERMINATION- Not later than 60 days after the date of a hearing under paragraph (2), the Council shall notify the nonbank financial company of the final determination of the Council, which shall contain a statement of the basis for the decision of the Council.CommentsClose CommentsPermalink
(4) NO HEARING REQUESTED- If a nonbank financial company does not make a timely request for a hearing, the Council shall notify the nonbank financial company, in writing, of the final determination of the Council under subsection (a) or (b), as applicable, not later than 10 days after the date by which the company may request a hearing under paragraph (2).CommentsClose CommentsPermalink
(f) Emergency Exception-CommentsClose CommentsPermalink
(1) IN GENERAL- The Council may waive or modify the requirements of subsection (de) with respect to a nonbank financial company, if the Council determines, by a vote of not fewer than 2/3 of the2/3 of the voting members then serving, including an affirmative vote by the Chairperson, that such waiver or modification is necessary or appropriate to prevent or mitigate threats posed by the nonbank financial company to the financial stability of the United States.CommentsClose CommentsPermalink
(2) NOTICE- The Council shall provide notice of a waiver or modification under this paragraphsubsection to the nonbank financial company concerned as soon as practicable, but not later than 24 hours after the waiver or modification is granted.CommentsClose CommentsPermalink
(3) INTERNATIONAL COORDINATION- In making a determination under paragraph (1), the Council shall consult with the appropriate home country supervisor, if any, of the foreign nonbank financial company that is being considered for such a determination.CommentsClose CommentsPermalink
(4) OPPORTUNITY FOR HEARING- The Council shall allow a nonbank financial company to request, in writing, an opportunity for a written or oral hearing before the Council to contest a waiver or modification under this paragraph, not later than 10 days after the date of receipt of notice of thesubsection, not later than 10 days after the date of receipt of notice of the waiver or modification by the company. Upon receipt of a timely request, the Council shall fix a time (not later than 15 days after the date of receipt of the request) and place at which the nonbank financial company may appear, personally or through counsel, to submit written materials (or, at the sole discretion of the Council, oral testimony and oral argument).CommentsClose CommentsPermalink
(45) NOTICE OF FINAL DETERMINATION- Not later than 30 days after the date of any hearing under paragraph (34), the Council shall notify the subject nonbank financial company of the final determination of the Council under this paragraphsubsection, which shall contain a statement of the basis for the decision of the Council.CommentsClose CommentsPermalink
(g) Consultation- The Council shall consult with the primary financial regulatory agency, if any, for each nonbank financial company or subsidiary of a nonbank financial company that is being considered for supervision by the Board of Governors under this section before the Council makes any final determination with respect to such nonbank financial company under subsection (a), (b), or (c).CommentsClose CommentsPermalink
(h) Judicial Review- If the Council makes a final determination under this section with respect to a nonbank financial company, such nonbank financial company may, not later than 30 days after the date of receipt of the notice of final determination under subsection (d)(3) or (e)(42), (e)(3), or (f)(5), bring an action in the United States district court for the judicial district in which the home office of such nonbank financial company is located, or in the United States District Court for the District of Columbia, for an order requiring that the final determination be rescinded, and the court shall, upon review, dismiss such action or direct the final determination to be rescinded. Review of such an action shall be limited to whether the final determination made under this section was arbitrary and capricious.CommentsClose CommentsPermalink
(i) International Coordination- In exercising its duties under this title with respect to foreign nonbank financial companies, foreign-based bank holding companies, and cross-border activities and markets, the Council shall consult with appropriate foreign regulatory authorities, to the extent appropriate.CommentsClose CommentsPermalink
SEC. 114. REGISTRATION OF NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS.CommentsClose CommentsPermalink
Not later than 180 days after the date of a final Council determination under section 113 that a nonbank financial company is to be supervised by the Board of Governors, such company shall register with the Board of Governors, on forms prescribed by the Board of Governors, which shall include such information as the Board of Governors, in consultation with the Council, may deem necessary or appropriate to carry out this title.CommentsClose CommentsPermalink
SEC. 115. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS AND CERTAIN BANK HOLDING COMPANIES.CommentsClose CommentsPermalink
(a) In General-CommentsClose CommentsPermalink
(1) PURPOSE- In order to prevent or mitigate risks to the financial stability of the United States that could arise from the material financial distress or failure, failure, or ongoing activities of large, interconnected financial institutions, the Council may make recommendations to the Board of Governors concerning the establishment and refinement of prudential standards and reporting and disclosure requirements applicable to nonbank financial companies supervised by the Board of Governors and large, interconnected bank holding companies, that--CommentsClose CommentsPermalink
(A) are more stringent than those applicable to other nonbank financial companies and bank holding companies that do not present similar risks to the financial stability of the United States; andCommentsClose CommentsPermalink
(B) increase in stringency, based on the considerations identified in subsection (b)(3).CommentsClose CommentsPermalink
(2) LIMITATION ON BANK HOLDING COMPANIES- Any standards recommended under subsections (b) through (f) shall not apply to any bank holding company with total consolidated assets of less than $50,000,000,000. The Council mayRECOMMENDED APPLICATION OF REQUIRED STANDARDS- In making recommendations under this section, the Council may--CommentsClose CommentsPermalink
(A) differentiate among companies that are subject to heightened standards on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including the financial activities of their subsidiaries), size, and any other risk-related factors that the Council deems appropriate; orCommentsClose CommentsPermalink
(B) recommend an asset threshold greater than $50,000,000,000 for the applicability of any particular standard under those subsectionsthat is higher than $50,000,000,000 for the application of any standard described in subsections (c) through (g).CommentsClose CommentsPermalink
(b) Development of Prudential Standards-CommentsClose CommentsPermalink
(1) IN GENERAL- The recommendations of the Council under subsection (a) may include--CommentsClose CommentsPermalink
(A) risk-based capital requirements;CommentsClose CommentsPermalink
(B) leverage limits;CommentsClose CommentsPermalink
(C) liquidity requirements;CommentsClose CommentsPermalink
(D) resolution plan and credit exposure report requirements;CommentsClose CommentsPermalink
(E) concentration limits;CommentsClose CommentsPermalink
(F) a contingent capital requirement;CommentsClose CommentsPermalink
(G) enhanced public disclosures;CommentsClose CommentsPermalink
and(H (H) short-term debt limits; and CommentsClose CommentsPermalink
(I) overall risk management requirements.CommentsClose CommentsPermalink
(2) PRUDENTIAL STANDARDS FOR FOREIGN FINANCIAL COMPANIES- In making recommendations concerning the standards set forth in paragraph (1) that would apply to foreign nonbank financial companies supervised by the Board of Governors or foreign-based bank holding companies, the Council shall--CommentsClose CommentsPermalink
(A) give due regard to the principle of national treatment and competitive equityequality of competitive opportunity; andCommentsClose CommentsPermalink
(B) take into account the extent to which the foreign nonbank financial company or foreign-based bank holding company is subject on a consolidated basis to home country standards that are comparable to those applied to financial companies in the United States.CommentsClose CommentsPermalink
(3) CONSIDERATIONS- In making recommendations concerning prudential standards under paragraph (1), the Council shall--CommentsClose CommentsPermalink
(A) take into account differences among nonbank financial companies supervised by the Board of Governors and bank holding companies described in subsection (a), based on--CommentsClose CommentsPermalink
(i) the factors described in subsections (a) and (b) of section 113;CommentsClose CommentsPermalink
(ii) whether the company owns an insured depository institution;CommentsClose CommentsPermalink
(iii) nonfinancial activities and affiliations of the company; andCommentsClose CommentsPermalink
(iv) any other factors that the Council determines appropriate;CommentsClose CommentsPermalink
and(B) to the extent possible, ensure that small changes in the factors listed in subsections (a) and (b) of section 113 would not result in sharp, discontinuous changes in the prudential standards established under paragraph (1).(c)section 165; andCommentsClose CommentsPermalink
(C) adapt its recommendations as appropriate in light of any predominant line of business of such company, including assets under management or other activities for which particular standards may not be appropriate.CommentsClose CommentsPermalink
(c) Contingent Capital-CommentsClose CommentsPermalink
(1) STUDY REQUIRED- The Council shall conduct a study of the feasibility, benefits, costs, and structure of a contingent capital requirement for nonbank financial companies supervised by the Board of Governors and bank holding companies described in subsection (a), which study shall include--CommentsClose CommentsPermalink
(A) an evaluation of the degree to which such requirement would enhance the safety and soundness of companies subject to the requirement, promote the financial stability of the United States, and reduce risks to United States taxpayers;CommentsClose CommentsPermalink
(B) an evaluation of the characteristics and amounts of convertible debttingent capital that should be required;CommentsClose CommentsPermalink
(C) an analysis of potential prudential standards that should be used to determine whether the contingent capital of a company would be converted to equity in times of financial stress;CommentsClose CommentsPermalink
(D) an evaluation of the costs to companies, the effects on the structure and operation of credit and other financial markets, and other economic effects of requiring contingent capital;CommentsClose CommentsPermalink
(E) an evaluation of the effects of such requirement on the international competitiveness of companies subject to the requirement and the prospects for international coordination in establishing such requirement; andCommentsClose CommentsPermalink
(F) recommendations for implementing regulations.CommentsClose CommentsPermalink
(2) REPORT- The Council shall submit a report to Congress regarding the study required by paragraph (1) not later than 2 years after the date of enactment of this Act.CommentsClose CommentsPermalink
(3) RECOMMENDATIONS-CommentsClose CommentsPermalink
(A) IN GENERAL- Subsequent to submitting a report to Congress under paragraph (2), the Council may make recommendations to the Board of Governors to require any nonbank financial company supervised by the Board of Governors and any bank holding company described in subsection (a) to maintain a minimum amount of long-term hybrid debt that is contingent capital that is convertible to equity in times of financial stress.CommentsClose CommentsPermalink
(B) FACTORS TO CONSIDER- In making recommendations under this subsection, the Council shall consider--CommentsClose CommentsPermalink
(i) an appropriate transition period for implementation of a conversion under this subsection;CommentsClose CommentsPermalink
(ii) the factors described in subsection (b)(3);CommentsClose CommentsPermalink
(iii) capital requirements applicable to a nonbank financial company supervised by the Board of Governors or a bank holding company described in subsection (a), and subsidiaries thereof;CommentsClose CommentsPermalink
(iv) results of the study required by paragraph (1); andCommentsClose CommentsPermalink
(v) any other factor that the Council deems appropriate.CommentsClose CommentsPermalink
(d) Resolution Plan and Credit Exposure Reports-CommentsClose CommentsPermalink
(1) RESOLUTION PLAN- The Council may make recommendations to the Board of Governors concerning the requirement that each nonbank financial company supervised by the Board of Governors and each bank holding company described in subsection (a) report periodically to the Council, the Board of Governors, and the Corporation, the plan of such company for rapid and orderly resolution in the event of material financial distress or failure.CommentsClose CommentsPermalink
(2) CREDIT EXPOSURE REPORT- The Council may make recommendations to the Board of Governors concerning the advisability of requiring each nonbank financial company supervised by the Board of Governors and bank holding company described in subsection (a) to report periodically to the Council, the Board of Governors, and the Corporation on--CommentsClose CommentsPermalink
(A) the nature and extent to which the company has credit exposure to other significant nonbank financial companies and significant bank holding companies; andCommentsClose CommentsPermalink
(B) the nature and extent to which other such significant nonbank financial companies and significant bank holding companies have credit exposure to that company.CommentsClose CommentsPermalink
(e) Concentration Limits- In order to limit the risks that the failure of any individual company could pose to nonbank financial companies supervised by the Board of Governors or bank holding companies described in subsection (a), the Council may make recommendations to the Board of Governors to prescribe standards to limit such risks, as set forth in section 165.CommentsClose CommentsPermalink
(f) Enhanced Public Disclosures- The Council may make recommendations to the Board of Governors to require periodic public disclosures by bank holding companies described in subsection (a) and by nonbank financial companies supervised by the Board of Governors, in order to support market evaluation of the risk profile, capital adequacy, and risk management capabilities thereof.CommentsClose CommentsPermalink
(g) Short-term Debt Limits- The Council may make recommendations to the Board of Governors to require short-term debt limits to mitigate the risks that an over-accumulation of such debt could pose to bank holding companies described in subsection (a), nonbank financial companies supervised by the Board of Governors, or the financial system.CommentsClose CommentsPermalink
SEC. 116. REPORTS.CommentsClose CommentsPermalink
(a) In General- Subject to subsection (b), the Council, acting through the Office of Financial Research, may require a bank holding company with total consolidated assets of $50,000,000,000 or greater or a nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, to submit certified reports to keep the Council informed as to--CommentsClose CommentsPermalink
(1) the financial condition of the company;CommentsClose CommentsPermalink
(2) systems for monitoring and controlling financial, operating, and other risks;CommentsClose CommentsPermalink
(3) transactions with any subsidiary that is a depository institution; andCommentsClose CommentsPermalink
(4) the extent to which the activities and operations of the company and any subsidiary thereof, could, under adverse circumstances, have the potential to disrupt financial markets or affect the overall financial stability of the United States.CommentsClose CommentsPermalink
(b) Use of Existing Reports-CommentsClose CommentsPermalink
(1) IN GENERAL- For purposes of compliance with subsection (a), the Council, acting through the Office of Financial Research, shall, to the fullest extent possible, use--CommentsClose CommentsPermalink
(A) reports that a bank holding company, nonbank financial company supervised by the Board of Governors, or any functionally regulated subsidiary of such company has been required to provide to other Federal or State regulatory agencies or to a relevant foreign supervisory authority;CommentsClose CommentsPermalink
(B) information that is otherwise required to be reported publicly; andCommentsClose CommentsPermalink
(C) externally audited financial statements.CommentsClose CommentsPermalink
(2) AVAILABILITY- Each bank holding company described in subsection (a) and nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, shall provide to the Council, at the request of the Council, copies of all reports referred to in paragraph (1).CommentsClose CommentsPermalink
(3) CONFIDENTIALITY- The Council shall maintain the confidentiality of the reports obtained under subsection (a) and paragraph (1)(A) of this subsection.CommentsClose CommentsPermalink
SEC. 117. TREATMENT OF CERTAIN COMPANIES THAT CEASE TO BE BANK HOLDING COMPANIES.CommentsClose CommentsPermalink
(a) Applicability- This section shall apply to any entity or a successor entity that--(1--CommentsClose CommentsPermalink
(1) any entity that--CommentsClose CommentsPermalink
(A) was a bank holding company having total consolidated assets equal to or greater than $50,000,000,000 as of January 1, 2010; andCommentsClose CommentsPermalink
(2B) received financial assistance under or participated in the Capital Purchase Program established under the Troubled Asset Relief Program authorized by the Emergency Economic Stabilization Act of 2008; andCommentsClose CommentsPermalink
(2) any successor entity (as defined by the Board of Governors, in consultation with the Council) to an entity described in paragraph (1).CommentsClose CommentsPermalink
(b) Treatment- If an entity described in subsection (a) ceases to be a bank holding company at any time after January 1, 2010, then such entity shall be treated as a nonbank financial company supervised by the Board of Governors, as if the Council had made a determination under section 113 with respect to that entity.CommentsClose CommentsPermalink
(c) Appeal-CommentsClose CommentsPermalink
(1) REQUEST FOR HEARING- An entity may request, in writing, an opportunity for a written or oral hearing before the Council to appeal its treatment as a nonbank financial company supervised by the Board of Governors in accordance with this section. Upon receipt of the request, the Council shall fix a time (not later than 30 days after the date of receipt of the request) and place at which such entity may appear, personally or through counsel, to submit written materials (or, at the sole discretion of the Council, oral testimony and oral argument).CommentsClose CommentsPermalink
(2) DECISION-CommentsClose CommentsPermalink
(A) PROPOSED DECISION- A Council decision to grant an appeal under this subsection shall be made by a vote of not fewer than 2/3 of the voting members then serving, including an affirmative vote by the Chairperson. Not later than 60 days after the date of a hearing under paragraph (1), the Council shall submit a report to, and may testify before, the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the proposed decision of the Council regarding an appeal under paragraph (1), which report shall include a statement of the basis for the proposed decision of the Council.CommentsClose CommentsPermalink
(B) NOTICE OF FINAL DECISION- The Council shall notify the subject entity of the final decision of the Council regarding an appeal under paragraph (1), which notice shall contain a statement of the basis for the final decision of the Council, not later than 60 days after the later of--CommentsClose CommentsPermalink
(i) the date of the submission of the report under subparagraph (A); orCommentsClose CommentsPermalink
(ii) if the Committee on Banking, Housing, and Urban Affairs of the Senate or the Committee on Financial Services of the House of Representatives , not later than 1 year after the date of submission of the report under subparagraph (A), the Committee on Banking, Housing, and Urban Affairs of the Senate or the Committee on Financial Services of the House of Representatives holds one or more hearings regarding such report, the date of the last such hearing.CommentsClose CommentsPermalink
(C) CONSIDERATIONS- In making a decision regarding an appeal under paragraph (1), the Council shall consider whether the company meets the standards under section 113(a) or 113(b), as applicable, and the definition of the term ‘nonbank financial company’ under section 102. The decision of the Council shall be final, subject to the review under paragraph (3).CommentsClose CommentsPermalink
(3) REVIEW- If the Council denies an appeal under this subsection, the Council shall, not less frequently than annually, review and reevaluate the decision.CommentsClose CommentsPermalink
SEC. 118. COUNCIL FUNDING.CommentsClose CommentsPermalink
Any expenses of the Council shall be treated as expenses of, and paid by, the Office of Financial Research.CommentsClose CommentsPermalink
SEC. 119. RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES.CommentsClose CommentsPermalink
(a) Request for Dispute Resolution- The Council shallCouncil Recommendation- The Council shall seek to resolve a dispute among 2 or more member agencies, if--CommentsClose CommentsPermalink
(1) a member agency has a dispute with another member agency about the respective jurisdiction over a particular bank holding company, nonbank financial company, or financial activity or product (excluding matters for which another dispute mechanism specifically has been provided under Federal lawtitle X);CommentsClose CommentsPermalink
(2) the Council determines that the disputing agencies cannot, after a demonstrated good faith effort, resolve the dispute without the intervention of the Council; andCommentsClose CommentsPermalink
(3) any of the member agencies involved in the dispute--CommentsClose CommentsPermalink
(A) provides all other disputants prior notice of the intent to request dispute resolution by the Council; andCommentsClose CommentsPermalink
(B) requests in writing, not earlier than 14 days after providing the notice described in subparagraph (A), that the Council seek to resolve the dispute.CommentsClose CommentsPermalink
(b) Council Decision- The Council shallRecommendation- The Council shall seek to resolve each dispute described in subsection (a)--CommentsClose CommentsPermalink
(1) within a reasonable time after receiving the dispute resolution request;CommentsClose CommentsPermalink
(2) after consideration of relevant information provided by each agency party to the dispute; andCommentsClose CommentsPermalink
(3) by agreeing with 1 of the disputants regarding the entirety of the matter, or by determining a compromise position.CommentsClose CommentsPermalink
(c) Form and Binding Effect- A Council decisof Recommendation- Any Council recommendation under this section shall--CommentsClose CommentsPermalink
(1) be in writing;CommentsClose CommentsPermalink
(2) include an explanation of the reasons therefor; andCommentsClose CommentsPermalink
(3) be binding on allapproved by the affirmative vote of 2/3 of the voting members of the Council then serving.CommentsClose CommentsPermalink
(d) Nonbinding Effect- Any recommendation made by the Council under subsection (c) shall not be binding on the Federal agencies that are parties to the dispute.CommentsClose CommentsPermalink
SEC. 120. ADDITIONAL STANDARDS APPLICABLE TO ACTIVITIES OR PRACTICES FOR FINANCIAL STABILITY PURPOSES.CommentsClose CommentsPermalink
(a) In General- The Council may issue recommendations to the primary financial regulatory agencies to apply new or provide for more stringent regulation of a financial activity by issuing recommendations to the primary financial regulatory agencies to apply new or heightened standards and safeguards, including standards enumerated in section 115, for a financial activity or practice conducted by bank holding companies or nonbank financial companies under their respective jurisdictions, if the Council determines t

U.S. Congress - Text of H.R.4173 as Enrolled Bill Dodd-Frank Wall Street Reform and Consumer Protection Act

